FISCAL NOTE
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 purpose of this bill is to modernize procedures and time frames for assessments of real and personal property, notices of assessments, and appeals of assessments.
This bill amends and re-enacts sections of the code, all relating to taxation of real and personal property for ad valorem property tax purposes; makes technical corrections in certain code section to conform to prior acts of the Legislature; accelerates the date for issuances of notices of increase in the assessed value of real property; updates forfeiture penalties for failure to file required property tax reports and returns in order to provide property owners with greater due process; requires assessors to notify owners of commercial business personal property of increases in assessed for current assessment year by a specified date; provides procedures for property owners to protest notices of assessed valuations and obtain appropriate adjustments from county assessors, appeal of protest assessments to county BRE and circuit court, protest of industrial property and natural resources property, time and basis for assessment; provides definition; specifies form and manner of making returns, penalties for failure to file tentative appeals by Tax Commissioner and notification of taxpayers; provides procedures for informal review of tentative appeals, making of final appraisal and transmitting to assessors, and appeals; and specifies effective dates.
There would be no impact on State or local revenue. Local governments would incur additional administrative costs of $55,000 per year, and the State Tax Department would incur $700,000 in additional costs annually. In addition, the State Tax Department would have one-time costs for programming and training on Hearing and Tracking module to IAS of $195,000, and additional personnel and overtime costs of $1.2 million to migrate appraisals of industrial and natural resource property from July 1 to a calendar year basis.
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 |
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 |
Explanation of above estimates (including long-range effect):
There would be no impact on State or local revenue. Local governments would incur additional administrative costs of $55,000 per year, and the State Tax Department would incur $700,000 in additional costs annually. In addition, the State Tax Department would have one-time costs for programming and training on Hearing and Tracking module to IAS of $195,000, and additional personnel and overtime costs of $1.2 million to migrate appraisals of industrial and natural resource property from July 1 to a calendar year basis.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us