FISCAL NOTE
Date Requested: January 10, 2020
Time Requested: 03:56 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1228 |
Introduced |
SB165 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund local property tax
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to allow an increase of not more than 10 percent in the total projected property tax revenues realized when current levy rates are imposed by the county commission and the municipalities before requiring a reduction in levy rate or holding public hearing.
The State Tax Department cannot quantify the revenue impact of this proposal. The proposed change would reduce the probability of an automatic local government tax levy rate reduction in the event of increases in appraised value of existing property. Even under current law, automatic tax rate reductions occur infrequently.
Additional administrative costs would be minimal.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2020
Increase/Decrease
(use"-") |
2021
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 cannot quantify the revenue impact of this proposal. The proposed change would reduce the probability of an automatic local government tax levy rate reduction in the event of increases in appraised value of existing property. Even under current law, automatic tax rate reductions occur infrequently.
Additional administrative costs would be minimal.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov