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 stated purpose of this bill is to provide that the report of information to be obtained from landowners by assessor and corrections in landbook of the previous year with regard to reporting requirements of farm property be made every five years instead of every year. The bill provides an exception if the farm property is sold during the five - year period. In that case, the new owner must inform the assessor or the change in ownership in order to have the real property assessed as farm property.
There would be no revenue impact on the State or local governments.
There would be no additional administrative costs.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2010 Increase/Decrease (use"-") |
2011 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 revenue impact on the State or local governments.
There would be no additional administrative costs.
Memorandum
The stated purpose of this bill is to provide that the report of information to be obtained from landowners by assessor and corrections in landbook of the previous year with regard to reporting requirements of farm property be made every five years instead of every year. The bill provides an exception if the farm property is sold during the five - year period. In that case, the new owner must inform the assessor or the change in ownership in order to have the real property assessed as farm property.
The proposed bill is contrary to the provisions of W. Va. Code ยง11-3-1 which requires that all property be assessed on a annual basis, using the 1st day of July as the annual date.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov