|
CHARLESTON, WV — Gov. Jim Justice signed into law today HB 125, an update to the West Virginia Motor Vehicle Property Tax Adjustment Credit. This bill resolves some confusion among taxpayers who choose to pay their property tax bill as soon as they receive it. Now all motor vehicle property taxes due in 2024 but paid in 2023 may be claimed as a credit on a taxpayer’s 2024 income tax return.
"This is an example of good government," Gov. Justice said. "We recognized a problem and fixed it as fast as we could. This bill brings clarity and relief to West Virginia taxpayers and allows everyone to pay their full vehicle property tax this year without being penalized. We should never punish someone for paying their taxes on time, and this bill ensures that we are treating all taxpayers fairly."
What are the key takeaways taxpayers need to remember in order to get the dollar-for-dollar credit now?
- Pay your personal property taxes timely. To be timely, taxpayers can pay the full ticket now or pay half in 2023 and half by April 1, 2024. Either way - every dollar of tax due in 2024 that is paid timely will be given back to the taxpayer as a rebate on their 2024 income tax return, even if the second half was paid in 2023.
- File your income tax returns every year in order to receive the credit.
|