Senate Bill No. 429
(By Senators Prezioso and Plymale)
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[Introduced February 1, 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 §11-22-2a, relating
to allowing the imposition of an excise tax up to $100 per
$100,000 on the transfer of real estate within the
incorporated limits of any municipality; and permitting the
revenue generated from the tax to be used solely for the
demolishing of buildings that have been condemned, abandoned
or are unsafe.
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 §11-22-2a, to read as
follows:
ARTICLE 22. EXCISE TAX ON PRIVILEGE OF TRANSFERRING REAL
PROPERTY.
§11-22-2a. Additional tax; disposition and use of proceeds.
(a) Effective January 1, 2011, and thereafter, a municipality
may impose upon every person who delivers, accepts or presents for
recording any document, or in whose behalf any document is
delivered, accepted or presented for recording, and in respect to
the transaction or any part thereof, a municipal excise tax upon
the privilege of transferring title to real estate at the rate of
up to $100 for the first $100,000 of value or fraction thereof, as
represented by the document as defined in section one of this
article. The municipal tax is payable at the time of delivery,
acceptance or presenting for recording of the document. The clerk
of the county commission collects the municipal excise tax before
recording a transfer of title to real estate and deposits the
moneys from this tax into the account of the municipality in which
the property was located.
(b) The moneys deposited into the municipalities account are
segregated from other funds of the municipality and are accounted
for separately.
(c) These funds have the sole purpose of being used for the
funding of demolishing buildings that are condemned, deemed
abandoned by the courts, or property that the local government has
taken over due to safety reasons.
NOTE: The purpose of this bill is to allow municipalities to
assess up to $100 tax per $100,000 of value on the transfer of real
estate within the incorporated limits of that municipality. The
bill permits the revenue generated from the excise tax to be used
solely for demolishing buildings that have been condemned, abandoned or taken over by a local government due to safety
concerns.
This section is new; therefore, strike-throughs and
underscoring have been omitted
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