FISCAL NOTE
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
Other Fund local property tax
Legislation creates:
A New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to redefine “managed timberland,” for purposes of preferential tax assessment, to parcels less than one thousand acres owned by one corporation, one person or if more than one person, then owned indivision.
The bill would result in an annual increase of approximately $1.7 million in local property tax revenues and $7,000 in State revenue beginning with the 2006 fiscal year.
There would be no additional administrative costs to the State or local governments.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2005 Increase/Decrease (use"-") |
2006 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 |
1,700,000 |
Explanation of above estimates (including long-range effect):
The bill as written would result in an annual increase of approximately $7,000 in State revenue and $1.7 million in local property tax revenues beginning with the 2006 fiscal year. However, some counties will experience a tax loss due to the provisions of this bill.
There would be no additional administrative costs to the State or local governments.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us