FISCAL NOTE
Date Requested: February 18, 2021
Time Requested: 01:57 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2283 |
Introduced |
|
SJR7 |
|---|
| CBD Subject: |
Constitutional Amendments |
|---|
|
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund local property tax revenue
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 resolution is to permit the Legislature to exempt some species of tangible personal property from ad valorem taxation, reduce the rate of taxation or assessment for any species of tangible personal property; establish different statewide rates of taxation, assessment, or methods of valuation for different species of tangible personal property, or classify property as real property or personal property for ad valorem taxation.
The State Tax Department cannot quantify the revenue loss associated with this proposal. There is no way to know what exemptions for real and personal property, rate changes or changes to assessment levels that future Legislature may enact.
Additional administrative costs to the State Tax Department and local governments cannot be determined.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2021
Increase/Decrease
(use"-") |
2022
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 loss associated with this proposal. There is no way to know what exemptions for real and personal property, rate changes or changes to assessment levels that future Legislature may enact.
Additional administrative costs to the State Tax Department and local governments cannot be determined.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov