Date Requested:March 25, 2005
Time Requested:12:18 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2005R2028 Intro HB3256
CBD Subject: Definitions Applicable to Homestead Prop
FUND(S)
General Revenue Fund, local governments
Sources of Revenue
General Fund,Other Fund local property tax
Legislation creates:
A New Program

Fiscal Note Summary

Effect this measure will have on costs and revenues of state government.

    The stated purpose of this bill is to correct the definition of “used and occupied exclusively for residential purposes” in both West Virginia Code §11-4-3, which defines certain terms for assessment of real property for property tax purposes, and West Virginia Code §11-6B-2, which defines certain terms for purposes of homestead property tax exemption.
    
    The loss of revenue to the State and local governments cannot be determined; however, the revenue impact would be minimal.
    
    There would be no additional administrative costs.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2005
Increase/Decrease
(use"-")
2006
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 0
3. Explanation of above estimates (including long-range effect):
    The Tax Department does not have sufficient data to estimate the revenue loss to the State and local governments due to passage of this bill. However, the revenue impact would be minimal.
    
    There would be no additional administrative costs.


Memorandum
Person submitting Fiscal Note:
Mark Muchow
Email Address:
kpetry@tax.state.wv.us