Senate Bill No. 527
(By Senators Craigo, Ross and Sharpe)
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[Introduced March 24, 1997.];
referred to the Committee on Finance.]
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A BILL to amend article four, chapter eleven of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, by
adding thereto a new section, designated section twenty-one;
and to amend article five of said chapter by adding thereto a
new section, designated section fourteen, all relating to
taxation; assessment of real property; and limiting to
increase of taxation on Class II and Class III property.
Be it enacted by the Legislature of West Virginia:
That article four, 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 twenty- one; and that article five of said chapter be amended by adding
thereto a new section, designated section fourteen, all to read as
follows:
ARTICLE 4.ASSESSMENT OF REAL PROPERTY.
§ 11-4-21.Limitation on tax assessment on Class II Real
Property.
Notwithstanding any other provisions of law to the contrary,
there may be no tax increase on Class II real estate that increases
the property owner's obligation for payment of those taxes by more
than ten percent over the previous tax year's obligation and
assessment, unless the increase is based upon improvements made to
the property that result in an increased assessment of value based
upon the improvements.
ARTICLE 5.ASSESSMENT OF PERSONAL PROPERTY.
§ 11-5-14.Limitation on tax assessment on Class II Personal
Property.
Notwithstanding any other provisions of law to the
contrary, there may be no tax increase on Class II or Class III
personal property as defined in sections eleven and twelve of this
article [§11-5-11 or §11-5-12] that increases the property owner's
obligation for payment of those taxes by more than ten percent over
the previous tax year's obligation and assessment, unless the
increase is based upon improvements made to the property that
result in an increased assessment of value based upon the
improvements.
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(NOTE: The purpose of this bill is to restrict increases on
the assessment and taxation on Class II and Class III property to no more than ten percent (10%) of the previous year's tax, unless
there has been improvements to the property that justifies a larger
increase.
§ 11-4-21 and §11-5-14 are new; therefore, strike throughs and
underscoring have been omitted.)