Senate Bill No. 486
(By Senator Humphreys)
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[Introduced February 21, 1994; referred to the Committee
on Finance.]
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A BILL to amend article eight, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section six-h, relating to prohibiting an annual property tax increase of more than twenty-five percent of the current taxes for residential owners who paid property taxes on the same property previously.

Be it enacted by the Legislature of West Virginia:
That article eight, 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 six- h, to read as follows:

ARTICLE 8. LEVIES.

§11-8-6h. Prohibiting property tax to increase more than twenty- five percent.

Notwithstanding any other section of this chapter to the contrary, beginning the first day of July, one thousand ninehundred ninety-four, any property tax paid on Class II property by an owner shall not be increased by more than twenty-five percent in one year: Provided, That this section shall not apply if a reclassification of the property causes the property taxes to increase more than twenty-five percent: Provided, however, That if the Class II property changes owners, the property may be taxed in accordance with the market value of the property upon transfer of ownership and then may not be increased by more than twenty-five percent for the next tax year and thereafter.

NOTE: The purpose of this section is to prohibit the property tax on residential property to be increased by more than twenty-five percent unless the property is reclassified or takes on new ownership.

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