FISCAL NOTE
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund,Other Fund Local property tax revenu
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill as written would result in an annual increase of approximately $3.8 million in local property tax revenues and $15,000 in State revenue beginning with the 2005 fiscal year. However, the formula in the bill is not the formula utilized by the Tax Department prior to Tax Year 1999. If the original managed timberland appraisal formula is utilized, the total tax increase would be $3.3 million.
There would be no additional administrative costs to the State or local governments.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2003 Increase/Decrease (use"-") |
2004 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
0 |
3,800,000 |
Explanation of above estimates (including long-range effect):
The bill as written would result in an annual increase of approximately $3.8 million in local property tax revenues and $15,000 in State revenue beginning with the 2005 fiscal year. However, the formula in the bill is not the formula utilized by the Tax Department prior to Tax Year 1999. If the original managed timberland appraisal formula is utilized, the total tax increase would be $3.3 million.
There would be no additional administrative costs to the State or local governments.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us