FUND(S):

General Revenue Fund, Local Governments funds

Sources of Revenue:

General Fund,Other Fund Local Property Tax Revenu

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 authorize the State Tax Department to promulgate a Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes.
    
     As written, the bill authorizes the Legislative Rule for Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes, as modified per the Legislative Rule-Making Review Committee and filed in the State Register by the State Tax Department on December 6, 2012. According to our interpretation, this bill does not alter the valuation methodologies for commercial and industrial property provided in the Legislative Rule, thus any revenue or administrative cost impacts are expected to be minimal.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2013
Increase/Decrease
(use"-")
2014
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):


    As written, the bill authorizes the Legislative Rule for Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes, as modified per the Legislative Rule-Making Review Committee and filed in the State Register by the State Tax Department on December 6, 2012. According to our interpretation, this bill does not alter the valuation methodologies for commercial and industrial property provided in the Legislative Rule, thus any revenue or administrative cost impacts are expected to be minimal.
    



Memorandum


    



    Person submitting Fiscal Note: Mark B. Muchow
    Email Address: Roger.D.Cox@wv.gov