By Ben Conley, The Dominion Post
MORGANTOWN, W.Va. — A bill passed by the West Virginia Legislature in 2020 is about to transfer funds into the county’s coffers.
Monongalia County Clerk Carye Blaney explained that House Bill 2967 lays out a phased elimination of the state’s excise tax on property transfers.
Starting with the 2022 fiscal year, which began July 1, the county will recoup an additional 10% of state excise tax collected on property transfers until July 2030, at which point all the funds will simply remain in the county.
“So just on average for last year, the portion of excise tax that we sent to the state of West Virginia for fiscal year 21 was about $1.5 million. So we’re looking, starting with this fiscal year, to start recouping about $150,000 to $200,000 a year,” Blaney told members of the Monongalia County Commission. “That will phase out over a 10-year period and will come back to be all on the county’s side.” …
To read more: https://www.dominionpost.com/2021/07/07/county-to-reap-benefits-from-phased-change-to-state-code/
