FISCAL NOTE
Date Requested: February 01, 2019
Time Requested: 12:24 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2268 |
Introduced |
x |
HJR24 |
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund local property tax revenue
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this resolution is to provide for an election to amend the state Constitution to exempt honorably discharged veterans of the Armed Forces of the United States who have been determined to have a 100 percent or more disability from ad valorem property taxation on the assessed value of his or her primary residence plus all personal property.
As written, this resolution proposes an amendment to the Constitution of the State of West Virginia to be submitted to the voters of the State at the next general election to be held in the year 2020. The amendment would exempt real and personal property owned by honorably discharged veterans who have been determined to have a 100 percent disability. According to our interpretation, this exemption would result in a minimal loss in State revenue and a decrease of almost $2.5 million to counties, county boards of education and municipalities.
Additional administrative costs for State Tax Department and local governments would be minimal.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2019
Increase/Decrease
(use"-") |
2020
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 |
-2,500,000 |
Explanation of above estimates (including long-range effect):
As written, this resolution proposes an amendment to the Constitution of the State of West Virginia to be submitted to the voters of the State at the next general election to be held in the year 2020. The amendment would exempt real and personal property owned by honorably discharged veterans who have been determined to have a 100 percent disability. According to our interpretation, this exemption would result in a minimal loss in State revenue and a decrease of almost $2.5 million to counties, county boards of education and municipalities.
Additional administrative costs for State Tax Department and local governments would be minimal.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov