Source: http://www.legis.state.wv.us/Bill_Status/bills_text.cfm?billdoc=hb2120%20intr.htm&yr=2005&sesstype=RS&i=2120
Timestamp: 2017-12-13 19:13:30
Document Index: 797036364

Matched Legal Cases: ['§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11']

A BILL to amend of the code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-6H-1, §11-6H-2, §11-6H-3, §11-6H-4 and §11-6H-5, all relating to providing a special method for appraising certain charitable property that is leased for profit; requiring certification by the Tax Commissioner; and providing an appeal process.
That the code of West Virginia, 1931, as amended, be amended by adding thereto a new article, designated §11-6H-1, §11-6H-2, §11-6H-3, §11-6H-4 and §11-6H-5, all to read as follows:
ARTICLE 6H. METHOD FOR APPRAISING QUALIFIED CHARITABLE RENTAL PROPERTY.
(1) "Market rental value" is the annual rental payment, determined by the State Tax Commissioner, at or for which a particular parcel or species of property would rent if it were leased to a willing lessee by a willing lessor in an arms-length transaction without either the lessee or the lessor being under any compulsion to rent or lease. In determining value, primary consideration shall be given to the trends of annual rental payments paid for like or similar property in the area or locality where the property is located. For purposes of this article the annual rent paid on the property pursuant to an arms-length lease is presumed to be its market rental value; and
(2) "Qualified charitable rental property" means that portion of real property owned by a charitable organization that would otherwise be exempt from ad valorem tax on the property under the provisions of subdivision (12), subsection (a), section nine, article three of this chapter, but for the fact that it is held or is leased out for profit.
(b) All applications and determinations under this section constitute return information and are subject to section twenty-three, article one-a of this chapter.
The State Tax Commissioner shall propose rules for promulgation in accordance with article three, chapter twenty-nine-a of this code for the administration of this article that are necessary to implement the provisions of this article, except that the Commissioner may promulgate the initial rules as emergency rules in order to facilitate the implementation of the provisions of this article.
This article is effective for the tax years beginning on and after the first day of July, two thousand five.
NOTE: The purpose of this bill is to provide a method for appraising certain charitable property that is leased for profit, based on its rental payments received.