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 also repealing section 11-8-6e. The key change includes a phased-in increase of the homestead exemption from the current $20,000 to $40,000 over a period of four years, starting from January 1, 2027. The bill stipulates that the increase in exemption is contingent upon the passage of a constitutional amendment. Additionally, it removes the cap on 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, allowing for certain exceptions, such as military service members and those who have recently returned to West Virginia. The exemption will be reflected on property tax books as a deduction from the total assessed value of the homestead, and if the exemption exceeds the assessed value, no taxes will be levied. The changes will only take effect upon the ratification of the proposed constitutional amendment.

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