Require all tax assessments be done on a periodic schedule

HB 3037 requires all property tax assessments in West Virginia to follow a strict three-year review cycle, directly affecting property owners and local assessors. The bill prohibits increasing property tax assessments without a valid reason - specifically banning arbitrary hikes solely to generate new revenue. It mandates that any assessment increase must be based on a periodic property evaluation, with the justification publicly disclosed. This law aims to prevent unfair or random tax increases by requiring transparency and regular, systematic reviews of property values.