This bill proposes an amendment to the Homestead Property Tax Exemption in West Virginia, specifically increasing the exemption amount from $20,000 to $40,000. The new legal language replaces the previous exemption amount, allowing homeowners aged 65 or older or those certified as permanently and totally disabled to benefit from this increased exemption on the assessed value of their homestead, provided they meet certain residency requirements.

Additionally, the bill maintains the existing stipulations regarding eligibility, including the requirement that applicants must not be receiving a similar exemption in another state and must provide proof of residency. The exemption will attach to the homestead on the July first assessment date and will apply to taxes for the following tax year. If the property is transferred, the exemption will be removed unless the new owner qualifies. Overall, the bill aims to enhance financial relief for eligible homeowners by significantly increasing the property tax exemption amount.

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