HB4043

West Virginia HB4043 provides an additional $20,000 homestead exemption on property tax for farmers earning over 50% of their income from farming.

West Virginia HB4043 amends the state's Code to offer an additional $20,000 homestead exemption on property tax for citizen farmers who derive more than 50% of their income from farming. This exemption applies to the first $20,000 of assessed value of a homestead used exclusively for residential purposes. The exemption is available to farmers meeting the income criteria and who have been residents of West Virginia for two consecutive years before the tax year. The exemption attaches to the homestead on the July 1st assessment date and applies to taxes for the following tax year.