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 bill would result in an annual decrease of roughly $1 million in local property tax revenues and minimal loss in State revenue.
    
    Additional administrative costs associated with this bill would be significant. Additional costs would be related to training that would be required for assessors to comply with this legislation.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
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):


    The bill would result in an annual decrease of roughly $1 million in local property tax revenues and minimal loss in State revenue.
    
    Additional administrative costs associated with this bill would be significant. Additional costs would be related to training that would be required for assessors to comply with this legislation.
    



Memorandum


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