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Introduced Version Senate Bill 721 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 721

(By Senators Prezioso, Minard, Fanning, McCabe, Oliverio, Plymale and Deem)

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[Introduced March 23, 2009; referred to the Committee on Government Organization; 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 a tax up to $100 per $100,000 on the transfer of real estate within the incorporated limits of any municipality with the sole purpose of the revenue generated from the excise tax to be used to demolish buildings that are condemned.

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, 2010, 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 any municipality with the sole purpose of the revenue generated from the excise tax to be used to demolish buildings that are condemned.
§11-22-2a is new; therefore, strike-throughs and underscoring have been omitted.
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