Senate Bill No. 505
(By Senators Sharpe, Dugan and Kimble)
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[Introduced February 20, 1995; referred to the Committee
on Finance.]
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A BILL to amend article one-c, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section one-a, relating to finding that the purposes of the first statewide reappraisal of property have been substantially achieved; declaring that such reappraisal is deemed to have been implemented and employed to fix values for ad valorem property taxation; and recognizing that such declaration shall have the effect of implementing the provision of section one-a, article X of the constitution which exempts intangible personal property from ad valorem property taxation and classifying chattel interests, such as leasehold estates, as tangible personal property for assessment purposes.

Be it enacted by the Legislature of West Virginia:
That article one-c, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section one-a, to read as follows:
ARTICLE 1C. FAIR AND EQUITABLE PROPERTY VALUATION.
§11-1C-1a. Further legislative findings and declaration; effect

of declaration and classification of chattel interests, such as leasehold estates for assessment purposes.

The Legislature hereby finds that, as a result of the actions taken by the various public officials charged with duties pursuant to this article since its enactment, the purposes of the first statewide reappraisal of property, provided in section one-b, article ten of the Constitution, to-wit: The fair and equitable taxation of all property at sixty percent of its true and actual value, and the full phase-in of such value by the first day of July, one thousand nine hundred ninety-five, have been substantially achieved, and that, accordingly, such reappraisal can be deemed to have been effectively implemented and employed to fix values for ad valorem property taxation in this state.
The Legislature, therefore, hereby declares that, effective on the first day of July, one thousand nine hundred ninety-five, and notwithstanding any other provision of law to the contrary, the first statewide reappraisal of property provided in section one-b, article ten of the Constitution is deemed to be implemented and employed to fix values for ad valorem property taxation in accordance with all other provisions of law applicable to establishing and maintaining fair and equitable values for all property, as such laws may be amended from time to time. By making such declaration, the Legislature recognizes and expressly intends that the provisions of section one-a, article ten of the Constitution, first adopted by a vote of the people in the year one thousand nine hundred eight-four, and exempting, from ad valorem taxation, intangible personal property, shall, by virtue of such declaration go into effect as of the first day of July, one thousand nine hundred ninety-five: Provided, That for purposes of ad valorem taxation, all chattel interests, such as leasehold estates, shall be classified and assessed as tangible personal property.

NOTE: The purpose of this bill is to find and declare that the purposes of the first statewide reappraisal of property under the Constitution have been substantially achieved, and that, as a result, the 1984 amendment to the Constitution, exempting, from ad valorem taxation, intangible personal property, is to become effective on July 1, 1995. The bill also expressly classified for tax assessment purposes, chattel interests, such as leasehold estates, as tangible personal property.

This section is new; therefore, strike-throughs and underscoring have been omitted.