WV SB546

County commissions with an economic development corporation or authority may impose an additional excise tax on real property transfers of up to $1.10 per $500 of property value, beginning July 1, 2025

Revenue from the new additional tax must be used exclusively to fund operations, programs, or activities of local economic development corporations or authorities designated by the county to receive state economic development grant funding

The additional economic development tax is separate from and in addition to existing state and county real property transfer taxes already authorized under current law

The new tax is not subject to the distribution requirements that apply to other real property excise taxes (which allocate portions to county general funds and county clerk election/infrastructure accounts)