FISCAL NOTE
Date Requested: February 14, 2020
Time Requested: 11:54 AM |
| Agency: |
Tax & Revenue Department, WV State |
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| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1230 |
Introduced |
SB795 |
|
|---|
| CBD Subject: |
|
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FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund local property tax
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 bill is to limit the increase in valuation of residential property when improvements are made to such property.
The impact on State and local Property Tax revenue cannot be determined. The proposed legislation would limit the increased appraisal of real property to which improvements have been made to 5 percent. The impact would depend the value of future improvements to property.
There would be no additional administrative costs to the State Tax Department. Additional costs to County Assessor’s Offices would be minimal.
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 impact on State and local Property Tax revenue cannot be determined. The proposed legislation would limit the increased appraisal of real property to which improvements have been made to 5 percent. The impact would depend the value of future improvements to property.
There would be no additional administrative costs to the State Tax Department. Additional costs to County Assessor’s Offices would be minimal.
Memorandum
The stated purpose of this bill is to limit the increase in valuation of residential property when improvements are made to such property.
Article X, Section 1 of the W. Va. Constitution requires taxation to be equal and uniform throughout the State, property to be taxed in proportion to its value, and no one species of property be taxed higher than any other species of property of equal value. The bill limits the increased appraisal of real property to which improvements have been made to 5 percent. This would not be equal taxation nor would the improved property be taxed in proportion to its value.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov