SB484 HFIN AMT 4-8McO
Com. Sub. for S. B. 484 -- "A BILL to
amend and reenact
§11-3-1, §11-3-2a, §11-3-10, §11-3-12, §11-3-15, §11-3-19,
§11-3-24, §11-3-24a and §11-3-25 of the Code of West Virginia,
1931, as amended; to amend said Code by adding thereto eleven new
sections, designated §11-3-15a, §11-3-15b, §11-3-15c, §11-3-15d,
§11-3-15e, §11-3-15f, §11-3-15g, §11-3-15h, §11-3-15i, §11-3-25a
and §11-3-32; and to amend said code by adding thereto a new
article, designated §11-6J-1, §11-6J-2, §11-6J-3, §11-6J-4,
§11-6J-5, §11-6J-6 and §11-6J-7, all relating to taxation of real
and personal property for ad valorem property tax purposes; making
technical corrections in certain code sections; accelerating date
for issuance of notices of increase in assessed value of real
property; updating forfeiture penalties for failure to file
required property tax reports and returns; clarifying report and
return filing requirements; accelerating due dates for filing
reports and returns; requiring assessors to notify owners of
commercial business personal property of increases in assessed
values for current assessment year by an established deadline;
providing procedures for property owners to protest notices of
assessed valuation; providing procedures for obtaining appropriate
adjustments from county assessors; providing for appeal of
protested assessments to county board of equalization and review
and circuit court; providing for protest of classification or taxability to Tax Commissioner; providing methods for assessment
of industrial property and natural resources property; establishing
time and basis for assessments; providing for pertinent
definitions; specifying form and manner of making returns;
establishing criminal penalties for failure to file; providing for
tentative appraisals by Tax Commissioner and notification to
taxpayers; providing procedures for informal review of tentative
appraisals; making of final appraisals; transmitting final
appraisals to assessors; providing for appeals; authorizing
reductions of assessments upon instruction of tax commissioner in
certain circumstances; and specifying effective dates.
".