This bill proposes amendments to the homestead property tax exemption in West Virginia, specifically increasing the exemption amount from the current $20,000 to $30,000, with plans for further increases to $35,000 in 2028, $40,000 in 2030, and ultimately eliminating ad valorem property taxes entirely by 2032. The exemption applies to homesteads used and occupied exclusively for residential purposes by owners who are 65 years of age or older or certified as permanently and totally disabled, provided they have been residents of West Virginia for the two consecutive calendar years preceding the tax year in question. The bill also includes provisions for those who have recently returned to the state after establishing residency elsewhere, allowing them to qualify for the exemption under certain conditions.

Additionally, the bill clarifies that only one exemption is allowed per homestead and outlines the attachment of the exemption to the property as of the July first assessment date, with specific rules regarding the transfer of exemptions upon the sale of the property. The residency requirement is established under the Legislature's authority, and the bill includes a provision to maintain the availability of the homestead exemption in the event of a legal challenge to the residency requirement. Overall, the bill aims to provide significant tax relief to eligible homeowners in West Virginia over the coming years.

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