WV HB2895

Sets the assessed value of tangible machinery and equipment personal property used in business activity to $0 for ad valorem property tax purposes, effective July 1, 2025

Eliminates property tax on tangible inventory personal property directly used in business activity by setting its assessed value to $0

Removes property tax on all personal motor vehicles by setting their assessed value to $0

Amends the Fair and Equitable Property Valuation article of West Virginia Code (§11-1C-1a) to exclude business machinery, equipment, inventory, and personal vehicles from taxable chattel interests