Bill > SB724

This bill proposes changes to the homestead property tax exemption in West Virginia, increasing the exemption from $20,000 to not less than $25,000 for homeowners who are 65 years or older or permanently and totally disabled. The changes are contingent upon the passage of a constitutional amendment, which would need to be ratified by voters after the Legislature adopts a resolution for increasing the homestead property exemption. The bill maintains existing residency requirements, which stipulate that homeowners must have been West Virginia residents for two consecutive calendar years preceding the tax year, with some exceptions for military service members and those who have maintained partial residency in the state. The bill also repeals a previous limitation on levy rates that could result in property tax increases. The homestead exemption means that qualifying homeowners will have a portion of their property's assessed value excluded from property tax calculations, potentially reducing their annual tax burden. Importantly, only one exemption is allowed per homestead, regardless of the number of qualified owners residing there, and the exemption does not transfer automatically when a property is sold to a new owner.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=724&year=2025&sessiontype=RS&btype=bill