Bill > HB2531

This bill increases the Homestead Property Tax Exemption from $20,000 to $40,000 for homeowners who are 65 years or older or certified as permanently and totally disabled. To qualify, homeowners must have been residents of West Virginia for two consecutive calendar years preceding the tax year, with some exceptions for military service members and those who have temporarily established residency in another state. The exemption applies to the assessed value of a homestead used exclusively for residential purposes, and only one exemption is allowed per homestead regardless of the number of qualified owners residing there. The exemption attaches to the homestead on the July first assessment date and applies to taxes for the following tax year, and it will be removed if the property is transferred to a new owner who does not qualify for the exemption. The bill also includes a provision that if the residency requirement is found to violate federal law, the exemption would be applied as if that requirement had not been enacted, ensuring the continued availability of the tax benefit and protecting local government funding.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2531&year=2025&sessiontype=RS&btype=bill