FISCAL NOTE



FUND(S):



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.






Fiscal Note Detail


Effect of Proposal Fiscal Year
2010
Increase/Decrease
(use"-")
2011
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 purpose of this bill is to replace provisions that reduce the school aid formula funding for counties when the property assessments in the county are not at least fifty-four percent of market value as indicated by an assessment ratio study with provisions that require the Tax Commissioner and assessor to fix them. The bill also removes provisions for using assumed assessed values for the purpose of computing local share. Since the Code sections that this bill is deleting do not take effect until the fiscal year beginning July 1, 2013, there will be no effect on the calculation of local share for fiscal years 2011, 2012 and 2013. In addition, since the proposed bill continues the calculation of local share after the effective date of this bill in the same manner as it currently being calculated, coupled with the provisions in the bill that requires the state tax commissioner to remedy any under assessments of ad valorem property for tax purposes, including the provision that requires the tax commissioner to enter the county and fix the assessments at the required ratio, if necessary, it is estimated that there will no additional cost to the State in the fiscal years beginning after July 1, 2013 as a result of this bill.



Memorandum






    Person submitting Fiscal Note: Pam Bird for Joe Panetta
    Email Address: pbird@access.k12.wv.us