Enrolled Version - Final Version
Senate Bill 397 History
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Key: Green = existing Code. Red = new code to be enacted
ENROLLED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 397
(Senators Snyder, Unger and Chafin, original sponsors)
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[Passed March 13, 2010; in effect ninety days from passage.]
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AN ACT to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-1-2b, relating to
creating a single dwelling residential housing index and
multiplier generally; providing requirements for the Tax
Commissioner; establishing required contents of the index and
multiplier; and requiring an annual reporting.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §11-1-2b, to read as
follows:
ARTICLE 1. SUPERVISION.
§11-1-2b. Housing index requirements.
(a) For purposes of this section only annually, on or before
January 1, the Tax Commissioner shall create a single dwelling
residential housing index which shall contain the cost of all single dwelling residential housing in the state. The index shall
list the average and median cost of single dwelling residential
housing by county and by square footage, if available, commencing
with the most expensive to the least expensive.
(b) For purposes of this section only, the Tax Commissioner
shall also, annually, on or before January 1, establish:
(1) A single dwelling residential housing index multiplier;
(2) The average and median cost of single dwelling residential
housing in the state;
(3) The multiplier needed to equal the housing cost in the
least expensive county to the most expensive county;
(4) Whether the average and median cost of single dwelling
residential housing in a county is above or below the average and
median cost for the entire state; and
(5) A table indicating:
(A) The average and median cost of single dwelling residential
housing in the state; and
(B) The multiplier for each county, comparing the statewide
average and median cost of single dwelling residential housing with
a multiplier calculated in relation to the average value.
(c) For purposes of this section only, the Tax Commissioner
shall annually, on or before December 31 of each year, provide the
single dwelling residential housing index and multiplier to the
Joint Committee on Government and Finance and also make it
available to the public.
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