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Enrolled Version - Final Version Senate Bill 397 History

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SB397 SUB1 enr
ENROLLED

COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 397

(Senators Snyder, Unger and Chafin, original sponsors)

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[Passed March 13, 2010; in effect ninety days from passage.]

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AN ACT to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-1-2b, relating to creating a single dwelling residential housing index and multiplier generally; providing requirements for the Tax Commissioner; establishing required contents of the index and multiplier; and requiring an annual reporting.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-1-2b, to read as follows:
ARTICLE 1. SUPERVISION.
§11-1-2b. Housing index requirements.
(a) For purposes of this section only annually, on or before January 1, the Tax Commissioner shall create a single dwelling residential housing index which shall contain the cost of all single dwelling residential housing in the state. The index shall list the average and median cost of single dwelling residential housing by county and by square footage, if available, commencing with the most expensive to the least expensive.
(b) For purposes of this section only, the Tax Commissioner shall also, annually, on or before January 1, establish:
(1) A single dwelling residential housing index multiplier; (2) The average and median cost of single dwelling residential housing in the state;
(3) The multiplier needed to equal the housing cost in the least expensive county to the most expensive county;
(4) Whether the average and median cost of single dwelling residential housing in a county is above or below the average and median cost for the entire state; and
(5) A table indicating:
(A) The average and median cost of single dwelling residential housing in the state; and
(B) The multiplier for each county, comparing the statewide average and median cost of single dwelling residential housing with a multiplier calculated in relation to the average value.
(c) For purposes of this section only, the Tax Commissioner shall annually, on or before December 31 of each year, provide the single dwelling residential housing index and multiplier to the Joint Committee on Government and Finance and also make it available to the public.



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