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Introduced Version Senate Bill 426 History

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SB426 intr
Senate Bill No. 426

(By Senators Kessler, Chafin and Stollings)

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[Introduced February 1, 2010; referred to the Committee on Natural Resources; and then to the Committee on Finance.]

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A BILL to amend and reenact §11-1A-11 of the Code of West Virginia, 1931, as amended, relating to exempting owners, with the exception of corporations or partnerships, of one hundred acres or less of contiguously connected real property from increased valuation and assessment as natural resources property on reserve coal properties; defining "small property owner"; extending the exemption for an owner or owners of two or more tracts of contiguously connected real property of one hundred acres or less; requiring an affidavit that coal will not be mined or transferred; and providing for increased assessment and payment of interest if coal is later mined.

Be it enacted by the Legislature of West Virginia:
That §11-1A-11 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 1A. APPRAISAL OF PROPERTY FOR PERIODIC STATEWIDE REAPPRAISALS.

§11-1A-11. Valuation of certain classes or species of property; reserve coal properties; oil producing properties; gas producing properties; timberland; active mining mineral interest; commercial real property and industrial land; commercial and industrial furniture, fixtures, machinery and equipment; intangible personal property; public utility property; vehicles, water craft and aircraft.

(a) On or before September 1, 1983, the Tax Commissioner shall propose a legislative rule for submission to the Legislature pursuant to the provisions of article three, chapter twenty-nine-a of this code, which rule shall describe in detail the methods whereby the Tax Commissioner will determine the market value, during the first statewide reappraisal, of the following property:
(1) Active and reserve coal properties;
(2) Oil producing properties;
(3) Gas producing properties;
(4) Timberland;
(5) Active mining mineral interests including limestone, fireclay, dolomite, sandstone and other actively mined minerals;
(6) Commercial real property and industrial land;
(7) Commercial and industrial furniture, fixtures, machinery and equipment;
(8) Intangible personal property, including stock, accounts receivable and stocks in banks and capital of savings and loan associations;
(9) Public utility property; and
(10) Vehicles, water craft and aircraft.
(b) Notwithstanding any provision of this code to the contrary, effective July 1, 2010, small property owners are exempt from increased natural resources property valuation and assessment under the provisions of this article on reserve coal properties that increase the taxation on this interest. For the purposes of this exemption "small property owner" means an individual owner or joint individual owners, excluding any corporate entity or partnership, of one hundred acres or less of contiguously connected real property. This exemption includes separate contiguously connected tracts of real property owned by the same individual or individuals of one hundred acres or less. In order to obtain the exemption from increased valuation and assessment, the small property owner must execute an affidavit stating that the small property owner does not intend to mine the coal or transfer any interest in the coal. If, at a later date the coal is mined, all of the previous taxes at the increased rate shall be assessed and must be paid, plus interest, before any coal mining operations may begin.


NOTE: The purpose of this bill is to exempt owners, other than corporations or partnerships, of one hundred acres or less of contiguously connected real property from payment of increased valuation and assessment as natural resources property on reserve coal properties. The bill defines "small property owner" as an owner of one hundred or less acres of real property that is not a corporate entity or partnership. It also requires an affidavit from the property owner that the coal will not be mined or the interest therein transferred. If the coal is subsequently mined, the property will be assessed the increased rate and that amount, plus interest, must be paid before mining may continue.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added
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