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Introduced Version Senate Bill 341 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 341

(By Senator Stollings)

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[Introduced January 29, 2007; referred 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 valuation and assessment as natural resources property; defining "small property owner"; and extending the exemption for an owner or owners of two or more tracts of contiguously connected real property of one hundred acres or less.

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, watercraft and aircraft.

(a) On or before the first day of September, one thousand nine hundred eighty-three, 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, watercraft and aircraft.
(b) Notwithstanding any provision of this code to the contrary, small property owners are exempt from natural resources property valuation and assessment under the provisions of this article: Provided, That 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: Provided, however, That this exemption shall extend to separate contiguously connected tracts of real property owned by the same individual or individuals of one hundred acres or less.



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 valuation and assessment as natural resources property. Toward this end, 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.

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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