Senate Bill No. 505
(By Senators Sharpe, Dugan and Kimble)
____________
[Introduced February 20, 1995; referred to the Committee
on Finance.]
____________
A BILL to amend article one-c, chapter eleven of the code of West
Virginia, one thousand nine hundred thirty-one, as amended,
by adding thereto a new section, designated section one-a,
relating to finding that the purposes of the first statewide
reappraisal of property have been substantially achieved;
declaring that such reappraisal is deemed to have been
implemented and employed to fix values for ad valorem
property taxation; and recognizing that such declaration
shall have the effect of implementing the provision of
section one-a, article X of the constitution which exempts
intangible personal property from ad valorem property
taxation and classifying chattel interests, such as
leasehold estates, as tangible personal property for
assessment purposes.
Be it enacted by the Legislature of West Virginia:
That article one-c, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
one-a, to read as follows:
ARTICLE 1C. FAIR AND EQUITABLE PROPERTY VALUATION.
§11-1C-1a. Further legislative findings and declaration; effect
of declaration and classification of chattel
interests, such as leasehold estates for
assessment purposes.
The Legislature hereby finds that, as a result of the
actions taken by the various public officials charged with duties
pursuant to this article since its enactment, the purposes of the
first statewide reappraisal of property, provided in section
one-b, article ten of the Constitution, to-wit: The fair and
equitable taxation of all property at sixty percent of its true
and actual value, and the full phase-in of such value by the
first day of July, one thousand nine hundred ninety-five, have
been substantially achieved, and that, accordingly, such
reappraisal can be deemed to have been effectively implemented
and employed to fix values for ad valorem property taxation in
this state.
The Legislature, therefore, hereby declares that, effective
on the first day of July, one thousand nine hundred ninety-five,
and notwithstanding any other provision of law to the contrary,
the first statewide reappraisal of property provided in section
one-b, article ten of the Constitution is deemed to be implemented and employed to fix values for ad valorem property
taxation in accordance with all other provisions of law
applicable to establishing and maintaining fair and equitable
values for all property, as such laws may be amended from time to
time. By making such declaration, the Legislature recognizes and
expressly intends that the provisions of section one-a, article
ten of the Constitution, first adopted by a vote of the people in
the year one thousand nine hundred eight-four, and exempting,
from ad valorem taxation, intangible personal property, shall, by
virtue of such declaration go into effect as of the first day of
July, one thousand nine hundred ninety-five:
Provided, That for
purposes of ad valorem taxation, all chattel interests, such as
leasehold estates, shall be classified and assessed as tangible
personal property.
NOTE: The purpose of this bill is to find and declare that
the purposes of the first statewide reappraisal of property under
the Constitution have been substantially achieved, and that, as
a result, the 1984 amendment to the Constitution, exempting, from
ad valorem taxation, intangible personal property, is to become
effective on July 1, 1995. The bill also expressly classified
for tax assessment purposes, chattel interests, such as leasehold
estates, as tangible personal property.
This section is new; therefore, strike-throughs and
underscoring have been omitted.