FISCAL NOTE



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 clarify in the code that municipalities and counties are able to increase the rate of property taxes by more than ten percent in a given year when such counties and municipalities have held an election pursuant to article one, chapter thirteen of this code for the purposes of issuing general revenue bonds to be paid from the general revenues of such county or municipality. This bill, as written, clarifies that municipalities and counties are not restricted from issuing bonds and enacting sufficient levies to pay for such bonds which would increase the property tax revenue received by the governing body of the county or municipality by more than 10 percent. The revenue impact on counties and municipalities cannot be determined. There would be no impact on State revenue. There would be no additional costs to the State Tax Department. Counties and municipalities could incur some additional costs, but those costs would be minimal.



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):


This bill, as written, clarifies that municipalities and counties are not restricted from issuing bonds and enacting sufficient levies to pay for such bonds which would increase the property tax revenue received by the governing body of the county or municipality by more than 10 percent. The revenue impact on counties and municipalities cannot be determined. There would be no impact on State revenue. There would be no additional costs to the State Tax Department. Counties and muncipalites could incur some additional costs, but those costs would be minimal.



Memorandum






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