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A West Virginia real estate licensee is explaining property tax concepts to a first-time homebuyer. Which of the following statements about West Virginia property taxation is NOT accurate?

Correct Answer

D) The homestead exemption in West Virginia is available to all owner-occupants of a primary residence regardless of age.

Option B is NOT accurate. West Virginia's homestead exemption is not available to all owner-occupants. It is restricted to homeowners who are 65 years of age or older or who are permanently and totally disabled. This is a critical WV-specific distinction — many other states offer homestead protections to all primary-residence owners, but WV's exemption is narrowly defined.

Answer Options
A
Real property in West Virginia is assessed at 60% of its appraised fair market value.
B
Counties in West Virginia may impose a transfer tax in addition to the state-level real estate excise tax.
C
The assessed value of a property is multiplied by the applicable levy rate to determine the annual tax bill.
D
The homestead exemption in West Virginia is available to all owner-occupants of a primary residence regardless of age.

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Related Topics & Key Terms

Key Terms:

property_taxhomestead_exemptionassessed_valuetransfer_taxreverse_question
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