This bill proposes to amend the Code of West Virginia by increasing the Homestead Property Tax Exemption for homeowners from $20,000 to $40,000. Specifically, it modifies sections 11-6B-3 and 11-6B-7, which outline the eligibility and application process for the exemption. The bill maintains the requirement that the exemption applies to homeowners aged 65 or older or those who are permanently and totally disabled, while also ensuring that applicants have been residents of West Virginia for the two consecutive years preceding the tax year. Additionally, it clarifies that only one exemption is allowed per homestead and specifies the conditions under which the exemption can be transferred.

The bill also includes provisions for the attachment of the exemption to the homestead on the July first assessment date, with the exemption being applicable to taxes for the following tax year. If the property is transferred, the exemption will be removed unless the new owner qualifies. Furthermore, it stipulates that if the exemption exceeds the total assessed value of the homestead, no taxes will be levied, and the sheriff will issue a statement indicating that no taxes are due. Overall, the bill aims to provide greater financial relief to eligible homeowners by doubling the amount of the homestead exemption.

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