FISCAL NOTE
Date Requested: February 25, 2016
Time Requested: 10:31 AM |
| Agency: |
Tax Department, State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2817 |
Introduced |
HB4689 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
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 stated purpose of this bill is to establish a specific valuation of managed timberland and timberland that is not managed timberland for ad valorem property tax purposes. The bill provides remedies to persons aggrieved by the valuations and for compliance inspections and notice of revocation. The bill provides for appeals and an effective date.
According to our interpretation, there would be an increase of roughly $1.5 million in revenue from Property Taxes on managed timberland beginning in FY2018.
The State Tax Department would incur $25,000 in additional costs for remapping the parcels. Additional administrative costs to local governments would be minimal.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2016
Increase/Decrease
(use"-") |
2017
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
25,000 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
25,000 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
1,500,000 |
Explanation of above estimates (including long-range effect):
According to our interpretation, there would be an increase of roughly $1.5 million in revenue from Property Taxes on managed timberland beginning in FY2018.
The State Tax Department would incur $25,000 in additional costs for remapping the parcels. Additional administrative costs to local governments would be minimal.
Memorandum
The stated purpose of this bill is to establish a specific valuation of managed timberland and timberland that is not managed timberland for ad valorem property tax purposes. The bill provides remedies to persons aggrieved by the valuations and for compliance inspections and notice of revocation. The bill provides for appeals and an effective date.
The bill defines many terms, but the title fails to mention that definitions are included. This is a title defect.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov