Increasing Homestead Property Tax Exemption for homeowners

SB 56 increases West Virginia's homestead property tax exemption for eligible homeowners from $20,000 to $40,000 of a home's assessed value. It directly affects homeowners aged 65 or older, or those certified as permanently and totally disabled, who meet residency requirements (two consecutive years in the state, or specific military/veteran circumstances). The bill amends property tax law to apply this higher exemption to the first $40,000 of a homestead's value, reducing or eliminating property taxes for qualifying owners. If the exemption exceeds the home's assessed value, no taxes are levied. The change applies to taxes for the year following the July 1 assessment date.