Date Requested:January 09, 2014
Time Requested:01:33 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2014R1077 Introduced SB69
CBD Subject: REINTRO2013-645
FUND(S)
General Revenue Fund, Local Government Funds
Sources of Revenue
General Fund,Other Fund Local Government Funds
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 clarify the valid period for determining the sixty percent ratio of market value to be the three-year period preceding the sales ratio analysis.
    
     As written, this bill would specify that any county will be deemed to be in compliance with the Constitutional mandate that property be assessed at 60 percent of its appraised value if the ratio of sales prices to appraised values for property sold within that county falls within 10 percent of the target ratio of 60 percent in any of the three years immediately preceding the tax year in question. Passage of this bill would allow a county to be out of compliance with the Constitutional mandate for two of every three years without penalty.
    
     According to our interpretation, the State Tax Department cannot quantify the revenue impact of this bill since the bill’s provisions relate to unknown future sales ratio studies.
    
     Additional administrative cost to the State Tax Department associated with passage of this bill would be minimal.
    

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2014
Increase/Decrease
(use"-")
2015
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):
     As written, this bill would specify that any county will be deemed to be in compliance with the Constitutional mandate that property be assessed at 60 percent of its appraised value if the ratio of sales prices to appraised values for property sold within that county falls within 10 percent of the target ratio of 60 percent in any of the three years immediately preceding the tax year in question. Passage of this bill would allow a county to be out of compliance with the Constitutional mandate for two of every three years without penalty.
    
     According to our interpretation, the State Tax Department cannot quantify the revenue impact of this bill since the bill’s provisions relate to unknown future sales ratio studies.
    
     Additional administrative cost to the State Tax Department associated with passage of this bill would be minimal.
    


Memorandum
Person submitting Fiscal Note:
Mark B. Muchow
Email Address:
Roger.D.Cox@wv.gov
     The stated purpose of this bill is to clarify the valid period for determining the sixty percent ratio of market value to be the three-year period preceding the sales ratio analysis.
    
     Passage of this bill would allow a county to be out of compliance with the Constitutional mandate that property be assessed at 60 percent of its appraised value for two of every three years without penalty.