Increasing the Homestead Property Tax Exemption

This bill increases West Virginia's homestead property tax exemption from $20,000 to $40,000 for primary residences owned by residents who are 65 or older or permanently and totally disabled. To qualify, homeowners must have lived in West Virginia for two consecutive years before the tax year (with exceptions for returning military members or those reestablishing residency within five years). The exemption applies to the first $40,000 of a home's assessed value and becomes effective July 1 for the following tax year, though it terminates if the property is sold or transferred. Only one exemption is permitted per homestead, regardless of how many qualifying owners reside there.