West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-21B - Citizen Tax Credit for Property Taxes Paid
Appendix - Appendix
Example 1.
The credit available (when the taxpayer pays the property tax liability after the date for eligibility to receive a 2 1/2 % discount) for eligible property with an assessed value of $30,000 is calculated as follows.
|
Assessed value of eligible property as found on county property book. |
$30,000 |
|
Homestead Exemption |
20,000 |
|
Taxable assed value |
10,000 |
|
Average tax rate (varies by county) |
.0123 |
|
Property tax due the county sheriff |
$ 123.00* |
|
Tax credit available to eligible owner |
$ 123.00 |
*paid after discount period expires
Example 2.
The credit available (when the taxpayer pays the property tax liability on or before the date for eligibility to receive a 2 1/2% discount) for eligible property with an assessed value of $25,000 is calculated as follows.
|
Assessed value of eligible property as found on county land book |
$25,000 |
|
Homestead Exemption |
20,000 |
|
Taxable assessed value |
5,000 |
|
Average tax rate (varies by county) |
.0123 |
|
Property tax due the county sheriff |
$ 59.96* |
|
Tax credit available to eligible owner |
$ 59.96 |
*paid before discount expires
Example 3.
The credit available for eligible property with an assessed value of $19,000 is calculated as follows.
|
Assessed value of eligible property as found on county land book |
$19,000 |
|
Homestead Exemption |
20,000 |
|
Taxable assessed value |
0 |
|
Property taxes due the county sheriff |
0 |
|
Tax credit available |
0 |
