FISCAL NOTE



FUND(S):

General Revenue Fund, local governments

Sources of Revenue:

General Fund

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 require property value assessment adjustments when ten percent or more of sales of real property in a county are foreclosure sales. The loss of revenue to the State and local governments cannot be determined. Additional administrative costs to the State Tax Department or local governments cannot be determined.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2009
Increase/Decrease
(use"-")
2010
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):


The loss of revenue to the State and local governments cannot be determined. Additional administrative costs to the State Tax Department or local governments cannot be determined.



Memorandum


The stated purpose of this bill is to require property value assessment adjustments when ten percent or more of sales of real property in a county are foreclosure sales. West Virginia Constitution Article X, Section 1 requires that taxation is to be equal and uniform and that it is to be taxed in proportion to its value. The bill does not appear to satisfy those requirements.



    Person submitting Fiscal Note: Mark Muchow
    Email Address: kpetry@tax.state.wv.us