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Introduced Version Senate Bill 397 History

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SB397 intr Senate Bill No. 397
(By Senators Snyder, Unger and Chafin)
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[Introduced January 29, 2010; referred to the Committee on the Judiciary; and then to the Committee on Finance.]
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A BILL 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; requirements for the Tax Commissioner; contents of the index and multiplier; and reporting requirement.

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) 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 cost of single dwelling residential housing by county, commencing with the most expensive to the least expensive.
(b) The Tax Commissioner shall also, annually, on or before January 1, establish:
(1) A single dwelling residential housing index multiplier; (2) The 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 cost of single dwelling residential housing in a county is above or below the median cost for the entire state; and
(5) A table indicating:
(A) The average cost of single dwelling residential housing in the state; and
(B) The multiplier for each county, comparing the statewide average cost of single dwelling residential housing with a multiplier calculated in relation to the average value.
(c) The Tax Commissioner shall annually, during the regular session of the Legislature, 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.

NOTE: The purpose of this bill is to create a single dwelling residential housing index and multiplier. It includes requirements for the Tax Commissioner to annually report this information to the Joint Committee on Government and Finance .

This section is new; therefore, strike-throughs and underscoring have been omitted