Requires periodic assessments of real property values to ensure fairness and prevent unjustified increases.

West Virginia HB4031 mandates that all tax assessments of real property must follow a periodic schedule, specifically a three-year cycle of inspection, review, and evaluation. The bill aims to prevent unfair and unjustified assessments that serve only to create new revenue sources. Any increase in the assessed value of property must be based on these periodic evaluations. The legislation emphasizes the importance of fair and equitable property valuation.

Requires periodic assessments of real property values to ensure fairness and prevent unjustified increases.

West Virginia HB4031 mandates that all tax assessments of real property must follow a periodic schedule, specifically a three-year cycle of inspection, review, and evaluation. The bill aims to prevent unfair and unjustified assessments that serve only to create new revenue sources. Any increase in the assessed value of property must be based on these periodic evaluations. The legislation emphasizes the importance of fair and equitable property valuation.