The tax begins with federal adjusted gross income. In West Virginia, ad valorem property taxes are local taxes. Guidelines are provided by the state to achieve equal and uniform assessed values for property throughout the state. The assessed value of utility property is determined by the state. Public utility taxes are collected by the state and remitted to county sheriffs for distribution to local levying bodies.
County sheriffs collect all other property taxes.
Property is generally taxed on 60 percent of its appraised value. The staff will assist prospective borrowers in preparing loan applications. The Board of Directors meets monthly to consider loan requests. Industrial Revenue Bonds Thirty-five million dollars of the state's industrial bond allocation is reserved for small manufacturing projects. This provides for customized financing through federal tax-exempt industrial revenue bonds.