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