FISCAL NOTE

Date Requested: January 16, 2018
Time Requested: 03:01 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
2005 Originating SB298
CBD Subject: Taxation


FUND(S):

General Revenue Fund, local governments

Sources of Revenue:

General Fund local property tax

Legislation creates:





Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The stated purpose of this bill is to allow portions of otherwise exempt property that are being used for nonexempt purposes to be separately assessed and taxed for property tax purposes. The State Tax Department has no way to measure the property tax impact of this proposal. However, the overall net impact should be minimal. In some instances, taxes would be reduced as taxpayers currently being taxed would save by split-listing their property. In other cases, taxes would be increased when an assessor has exempted a property that now might be partially subject to tax. The provisions of this bill would establish uniform guidelines for taxation of partially exempt properties. Additional administrative costs would be minimal.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2018
Increase/Decrease
(use"-")
2019
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


The State Tax Department has no way to measure the property tax impact of this proposal. However, the overall net impact should be minimal. In some instances, taxes would be reduced as taxpayers currently being taxed would save by split-listing their property. In other cases, taxes would be increased when an assessor has exempted a property that now might be partially subject to tax. The provisions of this bill would establish uniform guidelines for taxation of partially exempt properties. Additional administrative costs would be minimal.



Memorandum






    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov