Senate Bill No. 116
(By Senator Snyder)
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[Introduced January 13, 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 §11-4-21, 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.