West Virginia Code 7-11B-28 – Effective date
Current as of: 2023 | Check for updates
|
Other versions
Notwithstanding the effective date of this act of the Legislature, this article shall not become operational and shall have no force and effect until the day the people ratify an amendment to the Constitution of this state authorizing tax increment financing secured by ad valorem property taxes.
Terms Used In West Virginia Code 7-11B-28
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Tax increment: means the amount of regular levy property taxes attributable to the amount by which the current assessed value of real and tangible personal property having a tax situs in a development or redevelopment district exceeds the base assessed value of the property. See West Virginia Code 7-11B-3