A BILL to amend and reenact section one-b, article three, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to specifying a fair methodology for the appraisal of real property undergoing development; setting effective dates; setting forth definitions; and providing that the sale of one lot does not change the value of the remaining recorded plan for tax purposes.

ARTICLE 3. ASSESSMENTS GENERALLY.

§11-3-1b. Recordation of plat or designation of land use not to be basis for assessment.

The valuation of real property contained in a recorded plan or plat is as follows:
(1) When a lot or parcel is within a recorded plan or plat is sold, that lot may be revalued by the county assessor or the tax commissioner. In no event may the remaining lots within the recorded plan or plat be automatically revalued solely based upon the sale of one or two lots within the recorded plan or plat, unless there is a general reevaluation of land in the county or in the district, in which event the land included in a recorded plan or plat is revalued like other similar land in the county or in the district where such land is situate.
(2) When land which is contained within a recorded plan or plat is developed and actually used for a commercial, residential or industrial purpose, may be revalued by the county assessor or the tax commissioner, but in no event may the remaining lots within the recorded plan or plat be automatically revalued solely based upon the sale of one or two lots within the recorded plan or plat, unless there is a general reevaluation of land in the county or in the district, in which event the land included in a recorded plan or plat is revalued like other similar land in the county or in the district where such land is situate.
(b) For the purposes of this section, mere infrastructure development of land contained within a recorded plan or plat is not use of land for a commercial, residential or industrial purpose. As used herein, "infrastructure development" means and includes installing or constructing of waterlines and water supply facilities, sewer lines and sewage disposal facilities, steam, gas, telephone and telecommunications lines, electric lines and installations, roads, railroad spurs, streets, curbs, gutters, sidewalks, drainage and flood control facilities which are constructed in anticipation of commercial, industrial or residential use of the real property contained within a recorded plan or plat, and which is not more than three years old.
(c) The designation of proposed land use by a county or municipal planning authority may not be used or considered by an assessor or by the state tax commissioner in determining the appraised value of property included under a designation of proposed land use by a county or municipal planning authority until such time as the actual use of the real property has changed to correspond to the proposed use:

, That the assessor or state tax commissioner may consider the value of any improvements made to such land after three years have passed from the date any such improvements were made regardless of the use of the property.
(d) The amendments made to this section by the Legislature in two thousand shall become effective on the first day of July, two thousand, and shall be effective as to all plans or plats filed after the thirtieth day of June, two thousand. The provisions of the amendments made to this section in two thousand apply to all land contained within recorded plans or plats which were recorded prior to the first day of July, two thousand:

, That in no event may the appraised value of unsold lots or parcels contained within these recorded plans or plats be less than their appraised value as of first day of July, two thousand.