H. B. 2483

(By Delegates Hall and Kelley)
[Introduced March 11, 1997; referred to the
Committee on the Judiciary then Finance.]

A BILL to amend article four, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twenty-one, relating to taxation; assessment of real property; and limiting increase of taxation on Class II real property.

Be it enacted by the Legislature of West Virginia:
That article four, 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 twenty-one, to read as follows:

ARTICLE 4. ASSESSMENT OF REAL PROPERTY.

§11-4-21. Restriction on tax assessment on Class II real property.

Notwithstanding any other provision of law to the contrary, there may be no tax increase on Class II real estate that increases the property owner's obligation for payment of those taxes by more than the lower of the consumer price index for the previous calendar year or three percent over the previous tax year's obligation and assessment, unless the increase is based upon improvements made to the property that result in an increased assessment of value based upon the improvements. Where the increase is based upon improvements made to the property that result in an increased assessment, the increase may not exceed the lower of two times the consumer price index for the previous year or five percent.

NOTE: The purpose of this bill is to restrict increases on assessment and taxation on Class II real property to no more than 3% of the previous year's tax, unless there has been an improvements to the property that justifies a larger increase. If there have been improvements to the property, the increased assessment and taxation may be no more than two times the consumer price index for the previous year or 5%.

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