WV Income Tax Cut

[bcr229]

Information About the 2023 Income Tax Rate Cut and Property Tax Rebate

Striving to act with integrity and fairness in the administration of the tax laws of West Virginia, the West Virginia Tax Division's primary mission is to diligently collect and accurately assess taxes due to the State of West Virginia in support of State services and programs.

tax.wv.gov

 

[traveller]

'If you want a dog, ask for a pony.'

This was supposed to be a 50% cut, but hey I'll take it.

 

[ohen cepel]

'If you want a dog, ask for a pony.'

This was supposed to be a 50% cut, but hey I'll take it.

Kentucky cut property taxes recently. Meanwhile, in md…….

 

[Nemesis]

Kentucky cut property taxes recently. Meanwhile, in md…….

people in MD are lucky that the state allows them to even have an income

 

[MaxVO2]

people in MD are lucky that the state allows them to even have an income

*****Well, they allow them to earn an income - but take a lot of it.

 

[Nemesis]

*****Well, they allow them to earn an income - but take a lot of it.

yea , thats more of what i meant lol

i moved out of there probably 15 years ago now, one of the best choices ive ever made

 

[steves1911]

So glad the personal property tax on vehicles is going away that was a pita. My paycheck isn't subject to income tax but we should be getting a nice refund from the wife's.

 

[Nemesis]

So glad the personal property tax on vehicles is going away that was a pita. My paycheck isn't subject to income tax but we should be getting a nice refund from the wife's.

i havent heard of this, please do go on.

 

[steves1911]

i havent heard of this, please do go on.

Not effective till 2025 so still gotta go pay it for now. Read the link money paid in 24 for vehicles will be refunded upon filing year end taxes.

 

[steves1911]

Hopefully they do away with income tax altogether in WV. The sales tax collected off all these inflated prices should cover it!

 

[antco]

What revenue stream has come to WV to compensate for this reduction? Or is it simply caused by RE prices inflating as a result of the DMV moving to WV and paying DMV level money for homes?

 

[bcr229]

i havent heard of this, please do go on.

You still pay it to the county. The state has made it a refundable tax credit on your income taxes. So, if your personal property tax bill is $200 then your state income tax bill is decreased by $200. If you don't earn enough income to have a $200 tax bill - say you only owe $150 - then you get a $50 refund from the state.

https://tax.wv.gov/Documents/TSD/tsd454.pdf

What revenue stream has come to WV to compensate for this reduction? Or is it simply caused by RE prices inflating as a result of the DMV moving to WV and paying DMV level money for homes?

This is all state budget not county. I sat in on some meetings with this.

The income tax reduction kicks in automatically if certain state tax revenue streams bring in more than an allotted amount. If they continue to bring in more then the state income tax will be reduced more automatically again, no vote needed by the legislature. If not then the state income taxes will not change. The legislature does have to vote again to increase them though, it's not like the MD gas tax that will go up every year even if the legislature does nothing.

 

[bcr229]

Some clarification on the process that my Delegate wrote up since the tax bills are now getting mailed out:

You only want to pay the first half of your car tax bill by September 1st, then pay 2nd half after January 1st and by the due date of April 1st.

1. First motor vehicle property tax payment that will be eligible to qualify for the credit is the payment made for the 2nd half of the 2023 property tax year and it must be paid between January 1 - April 1, 2024. If you pay your full Property Tax bill in 2023 the 2nd half portion cannot Be Claimed.

2. What this means: To be eligible, when you receive your Motor Vehicle Property tax bill, only pay the first half and delay paying the 2nd half until after January 1, 2024 - but before April 1 2024.

3. Paying this way will only apply to your 2023 bill. Tax bills in 2024 and thereafter can be paid in full if you prefer.

4. You will be eligible to claim the WV Motor Vehicle Property Tax Adjustment Credit on your 2024 WV Income tax return that you file in 2025.

5. If you have Additional questions you can reach out to a Taxpayer Services Representative at: 304-558-3333 or 800-982-8297 or email at: taxhelp@wv.gov