Putnam County Assessor
Putnam County Assessor

Homestead Exemption Credit

House Bill 102
(State Tax Department)

Date of Passage:
April 21, 2001; in effect from passage.

To allow a low income taxpayer who is eligible for the homestead exemption to apply for state income tax credit for the property taxes paid on the first $20,000, or portion thereof, of taxable assessed value that is above the $20,000 assessed value eligible for the homestead exemption.

Statue(s) Affected:
Amends West Virginia Code Chapter 11, Article 21, by adding a new section 21 titled "Senior Citizens tax credit for property tax paid on first $20,000 of taxable assessed value of a homestead in this state".

Provides that a low income person who is allowed a twenty thousand dollar homestead exemption from the assessed value of his or her homestead for ad valorem tax purposes as provided in Section 3, Article 6b, of Chapter 11, shall be allowed a refundable credit against income taxes, such credit equal to the amount of property taxes paid on up to the first $20,000 of taxable assessed value of the homestead for property tax years that begin on or after January 1, 2003.

Defines "low income" as meaning the federal adjusted gross income for the taxable year that is 150% or less of the federal property guideline for the year in which property tax was paid, based upon the number of individuals in the family unit residing in the homestead, as determined annually by the United States Secretary of Health and Human Services.

Defines "taxes paid" as meaning the aggregate of regular levies, excess levies and bond levies extended against not more than ten thousand dollars of the taxable assessed value of a homestead that are paid during the calendar year, determined after application of any discount for early payment of taxes but before application of any penalty or interest for late payment of property taxes for a property tax year that begins on or after January 1, 2004.

Provides that the tax commissioner shall propose a legislative rule for promulgation under provisions of 29a-3-1 et seq.

Provides that the tax commissioner shall utilize property tax information in the statewide electronic data processing system network to the extent necessary for the purpose of administering the above provisions.