Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Benefit Varies with Income
Senior citizens eligible for the Homestead Exemption receive a refundable credit equal to the taxes on $20,000 of assessed value in excess of the Homestead Exemption.
How is Benefit Disbursed
Credit to the income tax bill
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
The refundable income tax credit eligibility is restricted to those who participate in the Homestead Exemption Program through the County Assessor’s office. An individual over the age of 65 is eligible if adjusted gross income 150% or less of the federal poverty guideline based upon the number of individuals in the family unit residing in the homestead, as determined annually by the United States Secretary of Health and Human Services. Income in 2018 for filing in 2019 is $18,210 for a single person household plus an addition $6,480 for each additional person in the household. Taxpayer required to pay the federal alternative minimum tax is not eligible.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
State reimburses all of the local government tax loss
West Virginia State Tax Department IT-140 Personal Income Tax Return Forms and Instructions (2018) [https://tax.wv.gov/Documents/TaxForms/2018/it140.booklet.pdf Accessed 02/07/2019] View Archived Source
West Virginia State Tax Department, 2017 West VA Personal Income Tax Forms and Instructions (2017 income for 2018 filing)
[https://tax.wv.gov/Documents/TaxForms/2017/it140.booklet.pdf accessed 06/25/2018] View Archived Source