This bill amends the Code of West Virginia to modify real property tax requirements specifically for farm structures. It establishes that the Tax Commissioner must appraise farm property based on its fair and reasonable value for farming purposes, taking into account potential rental income. The bill clarifies that individuals primarily engaged in forestry or timber growth are not considered farmers, and it sets criteria for corporations to qualify as farming entities.

Significantly, the bill introduces a new provision that exempts all farm structures on agricultural land from real property taxation, effective from 2026. It outlines a phased reduction of ad valorem real property taxes on these structures, starting with a 33% reduction in 2026, followed by a 67% reduction in 2027, and complete elimination by 2028. However, the exemption does not apply to commercial solar installations, wood processing facilities, or venues rented for events.

Statutes affected:
Introduced Version: 11-1A-10