FISCAL NOTE
Date Requested: February 12, 2016
Time Requested: 03:59 PM |
| Agency: |
Tax Department, State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2603 |
Introduced |
HB4532 |
|
|---|
| CBD Subject: |
Real and Personal Property, Taxation |
|---|
|
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 establish a new class of property on utility rights of ways and easements for taxation purposes. The bill names that new class as Class V and gives county commissions the option of adopting that Class V to their respective tax rolls. The bill establishes certain tax rates for Class V property.
This bill has no revenue impact. The bill merely makes a separate Class V for utility rights of way and easements. This property is already taxed as Class III or Class IV property, and this bill does not change the tax rate on this property.
The additional administrative costs of this proposal would be potentially significant for the State Tax Department as assessments of all utilities would have to be analyzed to break out the right of way and easement values.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2016
Increase/Decrease
(use"-") |
2017
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):
This bill has no revenue impact. The bill merely makes a separate Class V for utility rights of way and easements. This property is already taxed as Class III or Class IV property, and this bill does not change the tax rate on this property.
The additional administrative costs of this proposal would be potentially significant for the State Tax Department as assessments of all utilities would have to be analyzed to break out the right of way and easement values.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov