FISCAL NOTE
Date Requested: February 14, 2020
Time Requested: 11:54 AM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1230 |
Introduced |
SB795 |
|
|---|
| CBD Subject: |
Counties |
|---|
|
FUND(S):
Local Government
Sources of Revenue:
Other Fund Local Government
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed Senate Bill 795 is to limit the increase in valuation of residential property when improvements are made to such property.
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 Auditor’s Office does not have any records available to us which would allow us to assemble an informed response assessing the likely financial impacts of the proposed legislation. However, we would anticipate passage and implementation of the proposed legislation would result in a reduction in the amount of future property taxes assessed and collected when compared to the governing provisions now in effect in State law.
Memorandum
We recommend a Fiscal Note Request be submitted to the West Virginia State Tax Department which is the requisite State agency most likely to have records which might allow calculation of a reasonable approximation of the proposed legislation’s impact on future property tax collections.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov