The first $20,000 of assessed value of owner-occupied residential property owned by a person age 65 or older or by a person who is permanently and totally disabled is exempt. In the context of West Virginia tax law, personal property is defined broadly by WV Code §11-5-3 as anything of value that can be owned, from movable tangibles to intangible assets like bonds and receivables. But personal property tax is distinct from real estate taxes. Personal property includes furnishings, inventory, machinery, equipment, fixtures, supplies, and tools. West Virginia collects neither an estate tax nor an inheritance tax.
At what age do you stop paying taxes in WV?
In WV, you never technically "stop" paying property taxes, but there are some sweet tax breaks for those 65 and up or folks with disabilities. Check with the state to see if you’re eligible to reduce that tax bite.
Understanding Personal Property Tax
Navigating the WV Property Tax Landscape. WV property tax structure is a patchwork quilt, with each patch representing different taxable personal property categories. This includes everything from your favorite ‘Kinksize’ vinyl record from The Kinks found here to chattels that tell the story of West Virginian heritage.
An LLC can help reduce taxes in a few ways. For one, an LLC can help shield business owners from personal liability for business debts and obligations.
West Virginia is the 6th poorest state in the nation, with 15 percent of all households falling under the state’s poverty guidelines.
The Senior Citizen’s Tax Credit is available to those homeowners who:
- Participate in the Homestead Exemption program (contact your county assessor’s office for more information),
- Have paid their property tax, and.
Most of the Social Security retirement benefits that are taxed federally will also be taxed in West Virginia, at rates ranging from 3% to 6.5%.
Homestead Exemption Details
How old do you have to be to get homestead exemption in WV? You may apply for Homestead Exemption July 1 – December 1 each year. If you have already signed up for the exemption and have not moved, you do not need to reapply.
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Once you fill out a homestead tax exemption, it will roll over automatically every year – there’s no need to file a new application unless you move to a new residence.
West Virginia allows single filers to exempt $25,000 in home equity. Unlike many other states, West Virginia does allow married couples to double this exemption value to $50,000.
The homestead tax exemption helps to shield a portion of a home’s value from property taxes. Homeowners may have to apply for the benefit and should check with their local government on how to do so.