This bill proposes an amendment to the Code of West Virginia, specifically to section 11-6B-3, to increase the Homestead Property Tax Exemption from $20,000 to $40,000. The exemption applies to the first $40,000 of assessed value for homesteads occupied exclusively for residential purposes by owners who are 65 years or older or certified as permanently and totally disabled. The bill maintains the existing residency requirements and stipulations regarding eligibility, including the need for a sworn affidavit confirming that the owner is not receiving a similar exemption in another state.

Additionally, the bill clarifies that the increased exemption will attach to the homestead on the July first assessment date and will be applicable to taxes for the following tax year. If the property is transferred, the exemption will be removed unless the new owner qualifies. The bill also includes provisions to ensure that if the residency requirement is found to violate federal law, the homestead exemption will still be preserved, maintaining the fiscal integrity of local government levying bodies.

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