finance

Homestead Exemption (West Virginia)

West Virginia assesses real property at 60% of true and actual value, with July 1 of the prior year as the assessment date. The homestead exemption removes the first $20,000 of assessed value for an owner who is 65 or older or permanently and totally disabled, has been a resident for the two consecutive calendar years before the tax year, and occupies the home exclusively as a residence. Only one exemption applies per homestead, and it is removed the next July 1 after a transfer unless the new owner qualifies.