FISCAL NOTE
Date Requested: January 26, 2015
Time Requested: 02:09 PM |
| Agency: |
State Tax & Revenue Department |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2075 |
Introduced |
|
HJR6 |
|---|
| CBD Subject: |
Const. Amendments |
|---|
|
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund,Other Fund local property tax
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this resolution is to provide that veterans who have a one hundred percent service-related disability or their spouses are exempt from ad valorem property taxation on one parcel of real property containing no more than once acre and having a total value of no more than $300,000.
The loss of revenue to the State and local governments cannot be readily determined. In most counties, decreased tax revenue due to an increase in the Homestead Exemption would likely be at least partially offset by higher tax rates and tax burdens on other types of property, including both real property taxes and personal property taxes on vehicles, business inventory, machinery and equipment.
Additional administrative costs associated with this proposal would be minimal.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2015
Increase/Decrease
(use"-") |
2016
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 loss of revenue to the State and local governments cannot be readily determined. In most counties, decreased tax revenue due to an increase in the Homestead Exemption would likely be at least partially offset by higher tax rates and tax burdens on other types of property, including both real property taxes and personal property taxes on vehicles, business inventory, machinery and equipment.
Additional administrative costs associated with this proposal would be minimal.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov