FUND(S):

General Revenue Fund, local governments

Sources of Revenue:

General Fund,Other Fund local property tax

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


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


    The stated purpose of this bill is to require county assessors to create a cost of housing index to be filed annually with the Tax Commissioner and for the Tax Commissioner to annually file a report with the Legislature containing information indicating the average cost of residential housing in each county and how the costs compare on a county by county basis.
    
    There would be no revenue impact on the State or local governments.
    
    Assuming that “average cost” of residential housing in each county means the average appraised value of such housing, the information could be programmatically retrieved from the Statewide computer system. The State Tax Department would incur $5,000 in programming costs, but there would be no other additional administrative costs for the State or local governments.
    
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2009
Increase/Decrease
(use"-")
2010
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 5,000 5,000
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


Explanation of above estimates (including long-range effect):


    There would be no revenue impact on the State or local governments.
    
    Assuming that “average cost” of residential housing in each county means the average appraised value of such housing, the information could be programmatically retrieved from the Statewide computer system. The State Tax Department would incur $5,000 in programming costs, but there would be no other additional administrative costs for the State or local governments.
    



Memorandum


    The stated purpose of this bill is to require county assessors to create a cost of housing index to be filed annually with the Tax Commissioner and for the Tax Commissioner to annually file a report with the Legislature containing information indicating the average cost of residential housing in each county and how the costs compare on a county by county basis.
    
    The bill, as written does not define the “cost of residential housing or real property”.
     Person submitting Fiscal Note: Mark Muchow
     Email Address: kpetry@tax.state.wv.us