04 February 2010

Legislature 2010: Property Taxes

Gov. Joe Manchin has won over county leaders skittish about his quest to exempt business inventory and equipment from property taxes, by tweaking his proposed constitutional amendment that aims to exempt, The Associated Press reports.

"If voters approve, the Legislature could allow counties to decide which classes of non-real estate property to exempt," AP explains. "The tax break would not extend to public utilities. It would also apply only to new inventory and equipment added to the rolls."

That latter provision helped prompt the West Virginia Association of Counties to endorse the measure Wednesday, though with several caveats.

But they "and others remain concerned about the resulting loss of revenue, particularly because at least two-thirds of all property tax proceeds benefit public schools," the article said.

The state Manufacturers Association, meanwhile, "wants existing inventory and equipment exempt as well, President Karen Price told lawmakers."

The Herald-Dispatch of Huntington also has coverage.

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