Bill > HB4766

This bill proposes to significantly increase the homestead exemption, which is a property tax relief for homeowners, in West Virginia. Currently, homeowners can receive a $20,000 exemption on their property's assessed value. This bill would change that to 50% of the assessed value, meaning the exemption amount would grow as the property's value increases. However, there's a safeguard: if a property's assessed value is less than $40,000, the exemption will remain at the first $20,000 of that value. The bill also clarifies that this exemption applies to the assessed value of a homestead, which is a primary residence, for owners who are 65 or older or permanently and totally disabled, and who have been residents of West Virginia for two consecutive years. It also includes provisions for military service members returning to the state and addresses how the exemption is applied and removed from property tax records.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4766&year=2026&sessiontype=RS&btype=bill