Date Requested: January 26, 2015
Time Requested: 02:09 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2075 Introduced HJR6
CBD Subject: Const. Amendments


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 purpose of this resolution is to provide that veterans who have a one hundred percent service-related disability or their spouses are exempt from ad valorem property taxation on one parcel of real property containing no more than once acre and having a total value of no more than $300,000.
    
    The loss of revenue to the State and local governments cannot be readily determined. In most counties, decreased tax revenue due to an increase in the Homestead Exemption would likely be at least partially offset by higher tax rates and tax burdens on other types of property, including both real property taxes and personal property taxes on vehicles, business inventory, machinery and equipment.
    
    Additional administrative costs associated with this proposal would be minimal.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2015
Increase/Decrease
(use"-")
2016
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 readily determined. In most counties, decreased tax revenue due to an increase in the Homestead Exemption would likely be at least partially offset by higher tax rates and tax burdens on other types of property, including both real property taxes and personal property taxes on vehicles, business inventory, machinery and equipment.
    
    Additional administrative costs associated with this proposal would be minimal.
    



Memorandum


    



    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov