Date Requested:February 16, 2011
Time Requested:03:11 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2011R2563 Introduced HB3156
CBD Subject: MULTIFAMILY RENTAL HOUSING PROPERTY
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 for the method of appraising certain affordable multifamily rental property for property tax assessment purposes
    
     The loss of revenue to the State and local governments cannot be determined.
    
    There would be a one-time cost of $40,000 to the State Tax Department. Additional administrative costs to local governments cannot be determined.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2011
Increase/Decrease
(use"-")
2012
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 State Tax Department does not have sufficient data to estimate the revenue loss to the State and local governments due to passage of this bill.
    
    There would be a one-time cost of $40,000 to the State Tax Department. The additional administrative costs are related to training that would be required for assessors to comply with this legislation. There would be a one-time cost of $40,000 to the State Tax Department. Additional administrative costs to local governments cannot be determined.
    


Memorandum
Person submitting Fiscal Note:
Mark Muchow
Email Address:
kerri.r.petry@wv.gov