Bill Text: WV SB795 | 2020 | Regular Session | Introduced
Bill Title: Limiting initial increase in valuation of residential real property
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2020-02-14 - To Finance [SB795 Detail]
Download: West_Virginia-2020-SB795-Introduced.html
WEST virginia legislature
2020 regular session
Introduced
Senate Bill 795
By Senator Maynard
[Introduced February 14, 2020;
referred
to the Committee on Finance]
A BILL to amend and reenact §11-1C-9 of the Code of West Virginia, 1931, as amended, relating to limiting the initial increase in assessment of residential real property as a result of the periodic reevaluation of such property.
Be it enacted by the Legislature of West Virginia:
ARTICLE 1C. FAIR AND EQUITABLE PROPERTY VALUATION.
§11-1C-9. Periodic valuations.
(a) After completion of the initial valuation required under section seven of this article, each assessor shall maintain current values on the real and personal property within the county. In repeating three-year cycles, every parcel of real property shall be visited by a member of the assessor's staff who has been trained pursuant to section six of this article to determine if any changes have occurred which would affect the valuation for the property. With this information and information such as sales ratio studies provided by the Tax Commissioner, the assessor shall make such adjustments as are necessary to maintain accurate, current valuations of all the real and personal property in the county and shall adjust the assessments accordingly: Provided, That any improvement made to residential property shall initially be limited to an increase in valuation of not more than five percent of the previous valuation.
(b) In any year the assessed value of a property or species of property be less than or exceed sixty percent of current market value, the Tax Commissioner shall direct the assessor to make the necessary adjustments. If any assessor fails to comply with the provisions of this section, the Tax Commissioner may, at the county commission's expense, take reasonable steps to remedy the assessment deficiencies.
NOTE: The purpose of this bill is to limit the increase in valuation of residential property when improvements are made to such property.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
