WV HB3124

Increases the Homestead Property Tax Exemption from the first $20,000 of assessed value to 50% of assessed value for qualifying homeowners who are 65 years or older or permanently and totally disabled

Maintains the $20,000 exemption floor for properties with assessed values below $40,000

Requires homeowners to have been West Virginia residents for two consecutive calendar years preceding the tax year and prohibits those receiving similar exemptions in other states

Applies the exemption to homesteads used and occupied exclusively for residential purposes, with only one exemption allowed per homestead regardless of the number of qualified owners