Property taxes would end at the time that a morgage is paid off unless the property is left abandoned for more than four years
Impact
If passed, HJR15 would significantly alter the landscape of property taxation in West Virginia. It would open the door for legislative measures that could prevent property owners from being taxed on their homes after they have fully paid off their mortgages. The proposed amendment outlines that such taxes can only apply to owner-occupied properties, adding a layer of targeted relief for homeowners while ensuring that the state's taxation structure remains in place for other types of real and personal properties. This could further incentivize home purchases and contribute to stable residential communities.
Summary
House Joint Resolution 15 (HJR15) proposes an amendment to the Constitution of West Virginia, specifically aimed at allowing the legislature to enact laws that would terminate property taxes on owner-occupied real estate once the mortgage is fully paid. The intent is to alleviate the fiscal burden on homeowners who have completed their mortgage payments, thereby potentially promoting homeownership among citizens of the state. This amendment addresses the societal concerns regarding ongoing taxation despite individuals no longer having a financial obligation to their mortgage lender.
Sentiment
The sentiment surrounding HJR15 is largely favorable among those who view it as a necessary reform to support homeowners and stimulate the local economy. Proponents believe this measure will foster a more supportive environment for individuals to invest in real estate. Conversely, there are concerns from various opponents regarding the potential loss of tax revenue for the state and how that could impact funding for essential services. This dichotomy reflects a broader debate about tax policy, resident support, and fiscal responsibility within the state’s budget.
Contention
While HJR15 aims to provide meaningful tax relief to homeowners, notable points of contention arise regarding its implications for state funding. Critics argue that removing property tax obligations for paid-off homes could lead to a significant decrease in local and state revenue, which is often dependent on property tax income to fund vital public services such as education, infrastructure, and emergency services. The debate surrounding the resolution highlights the balance between supporting homeowners and maintaining a sustainable financial model for state governance.
Relating to exempting certain honorably discharged veterans of the U. S. Armed Forces who are disabled from ad valorem property taxation on full amount of assessed value of certain property