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

West Virginia SB7 amends the Code of West Virginia to increase the Homestead Property Tax Exemption from $20,000 to $40,000 for eligible homeowners. This exemption applies to the first $40,000 of assessed value of a homestead used and occupied by the owner exclusively for residential purposes. The exemption is available to homeowners who are 65 years of age or older or certified as being permanently and totally disabled, provided they have been residents of West Virginia for two consecutive calendar years preceding the tax year.

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

West Virginia SB7 amends the Code of West Virginia to increase the Homestead Property Tax Exemption from $20,000 to $40,000 for eligible homeowners. This exemption applies to the first $40,000 of assessed value of a homestead used and occupied by the owner exclusively for residential purposes. The exemption is available to homeowners who are 65 years of age or older or certified as being permanently and totally disabled, provided they have been residents of West Virginia for two consecutive calendar years preceding the tax year.