FISCAL NOTE
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