The bill amends sections 11-6B-3 and 11-6B-7 of the Code of West Virginia, 1931, and repeals section 11-8-6e. It proposes to increase the homestead exemption from the current $20,000 to a minimum of $40,000 for property owners aged 65 or older or those who are permanently and totally disabled. Additionally, the bill allows for future adjustments to the homestead exemption amount, contingent upon voter approval, and stipulates that any changes will only take effect if a constitutional amendment is passed.

Furthermore, the bill repeals the limitation on levy rates that could lead to property tax increases, thereby providing more flexibility in property tax assessments. The changes to the homestead exemption will be reflected in the property tax books, and if the exemption exceeds the total assessed value of the homestead, no taxes will be levied. The bill emphasizes the need for a majority voter approval for any adjustments to the exemption amount, ensuring that local residents have a say in property tax matters.

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