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Introduced Version Senate Bill 523 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 523

(By Senator Snyder)

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[Introduced March 10, 2009; 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 §11-4-21, relating to property value assessment adjustments when ten percent or more of sales of real property are foreclosure sales.

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, §11-4-21, to read as follows:
ARTICLE 4. ASSESSMENT OF REAL PROPERTY.
§11-4-21. Property value assessment adjustments.
(a) In any county where ten percent or more of sales of real property are the result of foreclosures, or if ten percent or more of real property in a county have decreased in value in the one third portion of the county reassessed in the past year, the assessor must apply the percentage of decrease to the two-thirds portion of the county not yet reassessed.
(b) If a county has ten percent or more of real property sales that are foreclosure sales, then all foreclosure sales of real property must be used by the assessor and must be considered as arms length sales.


NOTE: The purpose of this bill is to require property value assessment adjustments when ten percent or more of sales of real property in a county are foreclosure sales.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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