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 provide for the method of appraising certain affordable multifamily rental property for property tax assessment purposes
The bill would result in an annual decrease of roughly $1 million in local property tax revenues and minimal loss in State revenue.
Additional administrative costs associated with this bill would be significant. Additional costs would be related to training that would be required for assessors to comply with this legislation.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2012 Increase/Decrease (use"-") |
2013 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 bill would result in an annual decrease of roughly $1 million in local property tax revenues and minimal loss in State revenue.
Additional administrative costs associated with this bill would be significant. Additional costs would be related to training that would be required for assessors to comply with this legislation.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov