FISCAL NOTE

Date Requested: January 12, 2024
Time Requested: 02:17 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
2505 Introduced SB395
CBD Subject: Taxation


FUND(S):

General Revenue Fund, local governments

Sources of Revenue:

General Fund local property tax revenue

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 modify the valuation of industrial property and natural resources by the Tax Commissioner. The bill makes technical corrections. Finally, the bill removes a sunset provision. This proposal contains no changes to the valuation of industrial property or natural resource property by the Tax Commissioner. The bill rearranges the definitions in W. Va Code §11-1C-10(d)(3)(b). The bill also strikes the sunset provision so the current statutory valuation procedure will be used for all future assessment years. There be no impact on State or local revenue. There would be no additional costs to the State or local governments.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2024
Increase/Decrease
(use"-")
2025
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):


This proposal contains no changes to the valuation of industrial property or natural resource property by the Tax Commissioner. The bill rearranges the definitions in W. Va Code §11-1C-10(d)(3)(b). The bill also strikes the sunset provision so the current statutory valuation procedure will be used for all future assessment years. There be no impact on State or local revenue. There would be no additional costs to the State or local governments.



Memorandum






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