Bill > SB266

This bill aims to increase the Homestead Exemption for homeowners in West Virginia from $20,000 to $40,000. The Homestead Exemption is a deduction from the total assessed value of a homestead used and occupied exclusively for residential purposes by the owner who is 65 years of age or older, or certified as permanently and totally disabled. The bill also specifies the residency requirements to qualify for the exemption and how the exemption should be applied to property tax books and levies.