FISCAL NOTE
Date Requested: January 18, 2024
Time Requested: 11:51 AM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1968 |
Introduced |
HB4859 |
|
|---|
| CBD Subject: |
Real and Personal Property |
|---|
|
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund local property tax revenue
Legislation creates:
Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to create a new real property tax category for short term rentals.
There would be no revenue impact resulting from the provision of this bill.
Additional administrative costs to the Tax Department to reprogram for the additional property category in the bill would be $50,000. Other additional costs cannot be determined.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
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):
There would be no revenue impact resulting from the provision of this bill.
Additional administrative costs to the Tax Department to reprogram for the additional property category in the bill would be $50,000. Other additional costs cannot be determined.
Memorandum
The stated purpose of this bill is to create a new real property tax category for short term rentals.
Currently, W. Va. Code §11-4-2 provides that landbooks shall include separate entries for: 1) real property used exclusively for residential purposes by the owner; 2) real property owned by a 501(c)(3) or (c)(4) entity and used for an exempt purpose; 3) real property owned by a 501(c)(3) or (c)(4) entity and not used for an exempt purpose; 4) farms; and 5) all other real property. This bill adds another category for “all real property that is used for short term rentals under 26 U.S.C. § 469.” The bill does not provide a definition of “short term rental.”
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov