This bill amends the Code of West Virginia to establish a new valuation method for buildings and structures on farm property used exclusively for agricultural purposes. Specifically, it mandates that these buildings and structures be appraised at their salvage value for ad valorem property taxation, rather than their market value. The bill defines "salvage value" as the lower of the fair market salvage value or five percent of the original cost of the property. It also clarifies that certain types of buildings, such as barns, stables, and silos, fall under this definition.

Additionally, the bill specifies that individuals primarily engaged in forestry or timber growing are not considered to be engaged in farming, and it outlines the criteria for corporations to qualify as farming entities. The new provisions will take effect on January 1, 2027. Overall, the bill aims to provide a more favorable tax assessment for agricultural buildings, potentially reducing the tax burden on farmers in West Virginia.

Statutes affected:
Introduced Version: 11-4-10
Committee Substitute: 11-1A-10