Bill Text: WV HB5115 | 2024 | Regular Session | Introduced
Bill Title: Relating to the valuation of farm property
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-01-25 - To House Agriculture and Natural Resources [HB5115 Detail]
Download: West_Virginia-2024-HB5115-Introduced.html
WEST virginia legislature
2024 regular session
Introduced
House Bill 5115
By Delegate Foster
[Introduced January 25, 2024; Referred
to the Committee on Agriculture and Natural Resources then Finance]
A BILL to amend and reenact §11-1A-10 of the Code of West Virginia, 1931, as amended, relating to requiring that land assessed as farm property in West Virginia for taxation purposes be assessed at the regular rate of taxation for the preceding three years after the sale of the property for development.
Be it enacted by the Legislature of West Virginia:
ARTICLE 1A. APPRAISAL OF PROPERTY.
§11-1A-10. Valuation of farm property.
(a) With respect to farm property, the Tax Commissioner shall appraise such property so as to ascertain its fair and reasonable value for farming purposes regardless of what the value of the property would be if used for some other purpose, and the value shall be arrived at by giving consideration to the fair and reasonable income which the property might be expected to earn in the locality wherein situated, if rented. The fair and reasonable value for farming purposes shall be deemed to be the market value of such property for appraisement purposes.
(b) A person is not engaged in farming if he or she is primarily engaged in forestry or growing timber. Additionally, a corporation is not engaged in farming unless its principal activity is the business of farming, and in the event that the controlling stock interest in the corporation is owned by another corporation, the corporation owning the controlling interest must also be primarily engaged in the business of farming.
(c) The county assessor shall compute the amount of taxes saved by the difference in the valuation of farm property and valuation at the regular rate of taxation once the property classified as farm property is sold for retail or commercial use, or commercial development. The assessor shall assess the valuation for the preceding three years before the sale of the land and shall notify the trustee that such amount is payable to the county.
NOTE: The purpose of this bill is to require that land assessed as farm property in West Virginia for taxation purposes be assessed at the regular rate of taxation for the preceding three years after the sale of the property for development.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
