FISCAL NOTE
Date Requested: March 05, 2021
Time Requested: 11:11 AM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2574 |
Introduced |
HB2935 |
|
|---|
| CBD Subject: |
Counties |
|---|
|
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 require county tax assessor to have a justification for increasing the valuation of an antique or classic vehicle.
As written, the bill limits the amount that a county tax assessor may increase the assessed valuation of an antique or classic car from one taxable year to the next. The revenue impact cannot be determined. We have no data on the value of property that would meet the criteria in this bill.
Additional administrative costs to the State Tax Department and local governments would be minimal.
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):
As written, the bill limits the amount that a county tax assessor may increase the assessed valuation of an antique or classic car from one taxable year to the next. The revenue impact cannot be determined. We have no data on the value of property that would meet the criteria in this bill.
Additional administrative costs to the State Tax Department and local governments would be minimal.
Memorandum
The stated purpose of this bill is to require county tax assessor to have a justification for increasing the valuation of an antique or classic vehicle.
This new section in this bill requires assessors to present written justification to the owner of a classic or antique care prior to raising the assessed value. It is not clear what the limit is on the increase in calculation.,
There are new definitions, procedures or deadlines set forth in this section. Passage of this bill would likely give rise to litigation.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov