FISCAL NOTE
Date Requested: February 17, 2025
Time Requested: 05:21 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2073 |
Introduced |
|
HJR15 |
|---|
| CBD Subject: |
Taxation; Counties |
|---|
|
FUND(S):
General Revenue Fund, Local Governments
Sources of Revenue:
Other Fund General Fund and Local Governments
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
The stated purpose of this bill is to amend the Constitution to permit the Legislature to adopt general laws exempting from taxation any amount of the value of all or certain real property, or of personal property in the form of a mobile home, used exclusively for residential purposes and occupied by the owner or one of the owners thereof as his or her residence who is a citizen of this state, for so long as the real property is not encumbered by a mortgage
There would be no immediate impact on Property Tax collections. The proposed bill would affect all Class II residential property without mortgages appraised after the implementation of the bill. The impact on future Property Tax collections cannot be determined but would involve a substantial loss of local government revenues and an increase in State school support costs. Future residential property taxes would only apply to homeowners with mortgage debt.
There would be no additional administrative costs to the State. Additional administrative costs to local governments cannot be determined.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
There would be no immediate impact on Property Tax collections. The proposed bill would affect all Class II residential property without mortgages appraised after the implementation of the bill. The impact on future Property Tax collections cannot be determined but would involve a substantial loss of local government revenues and an increase in State school support costs. Future residential property taxes would only apply to homeowners with mortgage debt.
There would be no additional administrative costs to the State. Additional administrative costs to local governments cannot be determined.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
Person submitting Fiscal Note: Mark Muchow
Email Address: radfiscal@wv.gov