CHARLESTON, W.Va. – The Homestead Exemption Act was passed by the House during the morning’s floor session. The resolution increases the exemption from $20,000 to $40,000.
The Homestead Exemption Act creates a tax exemption for residential property for citizens who are sixty-five years or older or are permanently disabled. The resolution is aimed at helping those who are disadvantaged with the ability to more readily manage their finances.
“This is the first time since the 1980’s that the legislature has increased this exemption” said Delegate Jeff Eldridge (D-Lincoln).