FISCAL NOTE
Date Requested: February 24, 2016 Time Requested: 10:46 AM |
Agency: |
Tax Department, State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2820 |
Introduced |
SB679 |
|
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
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov