Increases the Homestead Property Tax Exemption from $20,000 to $40,000 for eligible West Virginia residents.

This bill increases the Homestead Property Tax Exemption from $20,000 to $40,000 for eligible West Virginia residents. The exemption applies to the first $40,000 of assessed value of a homestead used and occupied exclusively for residential purposes by the owner. To qualify, the owner must be 65 years of age or older or certified as being permanently and totally disabled and must have been a resident of West Virginia for two consecutive calendar years preceding the tax year. The exemption cannot be transferred to another homestead until the following July first.

Increases the Homestead Property Tax Exemption from $20,000 to $40,000 for eligible West Virginia residents.

This bill increases the Homestead Property Tax Exemption from $20,000 to $40,000 for eligible West Virginia residents. The exemption applies to the first $40,000 of assessed value of a homestead used and occupied exclusively for residential purposes by the owner. To qualify, the owner must be 65 years of age or older or certified as being permanently and totally disabled and must have been a resident of West Virginia for two consecutive calendar years preceding the tax year. The exemption cannot be transferred to another homestead until the following July first.