HB4597

West Virginia HB4597 increases the homestead exemption for property taxes over several years.

West Virginia HB4597 amends the homestead property tax exemption, incrementally raising it from $20,000 to $30,000 in 2027, $35,000 in 2028, $40,000 in 2030, and fully eliminating ad valorem property taxes by 2032. The exemption applies to homeowners aged 65 or older or those certified as permanently and totally disabled. The exemption attaches to the homestead on the July 1 assessment date and applies to the following tax year. If the homestead is transferred, the exemption is removed unless the new owner qualifies. The residency requirement for the exemption is specified in the bill.