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 by local option election in Ohio County only, a property tax amendment which will permit the reduction of the tax rate for property improvements from the rate set for land and minerals, and also allow Ohio County and municipalities in Ohio County to levy property taxes on land, improvements or personal property at different rates. The revenue impact of this bill on the State and local governments cannot be determined since the Department does not know what rates may be set by Ohio County. As a result of passage of this bill, programming changes would be needed to track property on a property-by-property basis. The Tax Department would incur additional costs of $60,000 to make these changes. Additional administrative costs for Ohio County cannot be determined.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2005
Increase/Decrease
(use"-")
2006
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 60,000 0
Personal Services 0 0 0
Current Expenses 0 60,000 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 revenue impact of this bill on the State and local governments cannot be determined since the Department does not know what rates may be set by Ohio County. As a result of passage of this bill, programming changes would be needed to track property on a property-by-property basis. The Tax Department would incur additional costs of $60,000 to make these changes. Additional administrative costs for Ohio County cannot be determined.



Memorandum






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