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 not less than $25,000 for qualifying homeowners aged 65 or older or those who are permanently and totally disabled. The bill stipulates that this increase is contingent upon the passage of a constitutional amendment. Additionally, it allows the Legislature to make future modifications to the homestead exemption through general law.

The bill also repeals the limitation on levy rates that would result in a property tax increase due to appraisals. It clarifies that the exemption will be reflected in property tax books as a deduction from the total assessed value of the homestead and ensures that if the exemption exceeds the assessed value, no taxes will be levied. The changes will take effect only after the ratification of the proposed constitutional amendment, ensuring that the fiscal integrity of local government levying bodies is maintained while providing relief to eligible homeowners.

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