West Virginia Taxpayers: New Law Offers Personal Property Tax Refunds, Preserves School Funding

Taxpayers in West Virginia Will Benefit from New Law with Refunds for Personal Property Taxes

State Law Entitles Residents of Mercer County to Full Reimbursement, Including Excess School Levy

Residents of West Virginia will experience a major financial relief since a new state law will return a large portion of their personal property taxes, which includes the excess school levy for Mercer County, based on the report in Smart News. The law, which went into effect at the start of this year, guarantees that when taxpayers submit their state taxes in January 2025, they will get a complete refund of the personal property taxes they paid in 2024. According to Mercer County Assessor Lyle Cottle, individuals are effectively lending the school board money for a year before getting their money back in full because this refund covers both personal property taxes and the surplus levy.

West Virginia Taxpayers: New Law Offers Personal Property Tax Refunds, Preserves School Funding
(PHOTO: Pyke & Associates)

 

 

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Laws Reduce West Virginians’ Financial Stress While Preserving Essential School Funding

Refunding all personal property taxes is one of the ways that the legislation, approved by the West Virginia Legislature last year, attempts to lessen the financial burden on community members. The county’s surplus school levy is essential for funding extracurricular programs, staff pay, security measures, and maintenance costs, among other parts of the school system, as Superintendent Edward Toman stressed. The surplus levy is essential to sustaining academic standards and meeting the needs of both students and staff in Mercer County’s schools, as state revenue directly correlates with enrollment.

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