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Senate Bill No. 397
(By Senators Snyder, Unger and Chafin)
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[Introduced January 29, 2010; referred to the Committee on the
Judiciary; and then to the Committee on Finance.]
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A BILL 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; requirements for the Tax Commissioner; contents of
the index and multiplier; and reporting requirement.
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) 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 cost of single dwelling residential housing by county, commencing with the most
expensive to the least expensive.
(b) The Tax Commissioner shall also, annually, on or before
January 1, establish:
(1) A single dwelling residential housing index multiplier;
(2) The 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 cost of single dwelling residential
housing in a county is above or below the median cost for the
entire state; and
(5) A table indicating:
(A) The average cost of single dwelling residential housing in
the state; and
(B) The multiplier for each county, comparing the statewide
average cost of single dwelling residential housing with a
multiplier calculated in relation to the average value.
(c) The Tax Commissioner shall annually, during the regular
session of the Legislature, 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.
NOTE: The purpose of this bill is to
create a single dwelling
residential housing index and multiplier. It includes requirements for the Tax Commissioner to annually report this information to the
Joint Committee on Government and Finance
.
This section is new; therefore, strike-throughs and
underscoring have been omitted
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