WV SB724

Increases the homestead property tax exemption for elderly (65+) and permanently disabled homeowners from $20,000 to at least $25,000 of assessed value

Makes the increased exemption contingent on voter ratification of a constitutional amendment permitting the higher homestead exemption

Maintains existing eligibility requirements including two consecutive years of West Virginia residency prior to the tax year, with exceptions for military veterans and returning residents

Repeals §11-8-6e, which limited levy rates when property appraisals resulted in tax increases

Allows only one exemption per homestead regardless of the number of qualified owners, and disqualifies owners receiving similar exemptions in other states