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 changes include a phased-in increase of the homestead exemption from the current $20,000 to $40,000 over the next several years, starting with an increase to $25,000 in 2028 and culminating in 2031. Additionally, the bill stipulates that these changes will only take effect upon the ratification of a constitutional amendment that allows for such exemptions. The bill also removes the cap on property tax books and repeals limitations on levy rates that would result from property tax increases.

In section 11-6B-3, the language regarding the exemption amount is updated to reflect the new phased-in amounts, and the residency requirements for eligibility are clarified. The bill ensures that the exemption will be recorded as a deduction from the total assessed value of the homestead in the property tax books, and it specifies that if the exemption exceeds the assessed value, no taxes will be levied. The repeal of section 11-8-6e eliminates the requirement for public hearings when appraisal results lead to tax increases, streamlining the process for property tax adjustments.

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