Require all tax assessments be done on a periodic schedule

HB 4031 requires West Virginia counties to conduct regular, three-year evaluations of all real property for tax assessment purposes, replacing arbitrary increases. The bill prohibits raising property tax assessments without a valid justification - such as a verified change in a property's market value - and bans using assessments solely to generate new revenue. It mandates that any assessment increase must be publicly justified and disclosed, ensuring transparency for property owners. This directly affects residential and commercial property owners by standardizing assessment practices and preventing sudden, unexplained tax hikes.