H. B. 2002
(By Delegate Ellem)
[Introduced January 13, 2010; referred to the
Committee on the Judiciary then Finance.]
A BILL to amend and reenact
§11-1C-9
of the Code of West Virginia,
1931, as amended, relating to changing the time for periodic
valuations and assessments of real and personal property; and
providing for a 10% cap on any increase in one year.
Be it enacted by the Legislature of West Virginia:
That
§11-1C-9
of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 1C. FAIR AND EQUITABLE PROPERTY VALUATION.
§11-1C-9. Periodic valuations.
(a) After completion of the initial valuation required under
section 7 of this article, each assessor shall maintain current
values on the real and personal property within the county. In
repeating three-year five-year cycles, every parcel of real
property shall be visited by a member of the assessor's staff who
has been trained pursuant to section 6 of this article to determine if any changes have occurred which would affect the valuation for
the property. With this information and information such as sales
ratio studies provided by the Tax Commissioner, the assessor shall
make such adjustments as are necessary to maintain accurate,
current valuations of all the real and personal property in the
county and shall adjust the assessments accordingly.
(b) In any year the assessed value of a property or species of
property be is less than or exceed exceeds 60% of current market
value, the Tax Commissioner shall direct the assessor to make the
necessary adjustments: Provided, That any increases in valuations
may not result in more than a 10% increase in assessment in any one
year. If any assessor fails to comply with the provisions of this
section, the Tax Commissioner may, at the county commission's
expense, take reasonable steps to remedy the assessment
deficiencies.
NOTE: The purpose of this bill is to change the time for
periodic valuations and assessments of real and personal property
from every three years to every five years and provide a 10% cap on
any increase in assessment in any one year.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.