This bill proposes amendments to the West Virginia Code regarding the homestead property tax exemption, specifically in sections 11-6B-3 and 11-6B-7, while repealing section 11-8-6e. It introduces a phased increase in the homestead exemption, starting from $25,000 in 2027 and increasing to $40,000 by 2030. The changes to the exemption are contingent upon the passage of a constitutional amendment. Additionally, the bill removes the previous cap on the property tax books and repeals limitations on levy rates that would result in property tax increases.

The bill also clarifies the residency requirements for homeowners seeking the exemption and specifies that only one exemption is allowed per homestead. It mandates that the exemption will be reflected on property tax books as a deduction from the total assessed value and ensures that if the exemption exceeds the assessed value, no taxes will be levied. The effective date of these changes is contingent upon the ratification of the proposed constitutional amendment.

Statutes affected:
Introduced Version: 11-6B-3, 11-6B-7, 11-8-6e