MORGANTOWN — If you typically pay your entire personal property tax ticket before Oct. 1 each year, you may want to make a one-time exception this time around.
The passage of House Bill 2526 puts in place a mechanism for refundable tax credits on various categories of property taxes paid after January 2024 — meaning second half payments for 2023 will be the first to qualify for credits.
For most, that will mean motor vehicle property taxes. But credits are also available on primary residential real property for veterans considered 90%-100% disabled; and small businesses with an aggregate personal property appraised value of $1 million or less.
Monongalia County Assessor Mark Musick explained there a couple things to keep in mind.
Number one, you must file and pay in a timely manner to qualify.
Individuals must file personal property assessments by Oct. 1. For businesses, the deadline is Sept. 1.
First half payments must be made before Oct. 1 and second half payments must be received before April 1.
While taxpayers are still welcome to pay for the entire year before Oct. 1, waiting until 2024 to pay the second half will allow for a bigger rebate as part of your 2025 West Virginia tax returns.
“We’re out trying to make people aware because a lot of people like to pay their full personal property when they get their ticket in July,” Musick explained. “So, if you wait to pay your second half before April, then you get your tax ticket in July 2024 and pay that in full, it’s really a one-time shot to get three credits. That’s why we’re trying to get this information out there.”
Touted as the “largest tax cut in the history of West Virginia,” HB 2526 is the end result of the tax rebate proposal Gov. Jim Justice put forward as an alternative during his campaign to defeat Amendment 2 on the Nov. 2022 General Election ballot.
Ultimately rejected by voters, Amendment 2 would have changed the state’s constitution to allow the legislature to exempt personal property taxes on people’s vehicles and also on what businesses pay on their inventory, equipment and machinery.
