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Personal Property

In West Virginia, personal property refers to movable property that is not affixed to real estate, such as vehicles, business equipment, and certain assets like furniture, machinery, and inventory. Personal property is subject to property taxes, and it is assessed and taxed according to the guidelines set by the West Virginia Code.

Definition of Personal Property in West Virginia

  • Personal property can be broadly categorized into two types:
    • Personal Property Used in Business: This includes equipment, machinery, furniture, and inventory used for business purposes.
    • Personal Property Used by Individuals: This includes tangible items such as vehicles (cars, trucks, boats, etc.), appliances, and household items.

How Personal Property is Assessed in West Virginia:

  • Business Personal Property:  Personal property that is used for business purposes (e.g., machinery, equipment, furniture) is assessed by the county assessor’s office.  Business owners are required to file a personal property tax return each year. This return must list all business personal property, including the type of property, its cost or market value, and other details.  The county assessor uses the information provided to assess the value of the property for tax purposes, typically using depreciation schedules and other valuation methods.
  • Personal Property of Individuals:
    • Vehicles: Personal property taxes for vehicles, including cars, trucks, boats, and RVs, are assessed based on the market value of the vehicle. The value is generally determined by the National Automobile Dealers Association (NADA) value or other similar valuation guides.
    • Other personal property (e.g., furniture, appliances) may be considered as personal property for tax purposes but is generally exempt from direct taxation in West Virginia unless part of a business inventory.

How Personal Property is Taxed in West Virginia:

Tax Rates for Personal Property:

  • The tax rate for personal property in West Virginia is generally the same as the rate for real property. Property taxes are levied by county governments, and the rates can vary slightly depending on the county.
  • For vehicles, the property tax rate is based on the assessed value of the vehicle, which is usually reduced by depreciation.  The property tax rate is typically calculated using the assessed value of the property, which is determined by the county assessor. The state code provides guidelines for this process.

Taxation of Business Personal Property:

  • Business personal property is assessed annually, and taxes are due based on the value assessed by the county assessor. Business personal property tax returns must be filed by July 1 each year (WV Code § 11-3-2). Businesses are also required to provide information on the cost, acquisition year, and depreciation of assets.

Relevant West Virginia Code Sections:

  • WV Code § 11-1C-10: This section of the West Virginia Code outlines how personal property (including vehicles and business assets) should be assessed. It specifies that the value should be based on the property’s true and actual value.
  • WV Code § 11-3-2: This section requires that personal property used in business must be reported annually by filing a Personal Property Tax Return to the county assessor.
  • WV Code § 11-3-1: This section discusses the general provisions of property taxes in West Virginia, including the assessment of both real and personal property. It defines the general procedures for assessment and taxation, as well as the taxpayer’s obligations.
  • WV Code § 11-3-9: This section includes provisions regarding the valuation and taxation of personal property, including exemptions for certain types of property.
  • WV Code § 11-6D-2: This section outlines the property tax rates and exemptions for personal property, including business property and motor vehicles.
    How Personal Property is Taxed (Summary):

Business Personal Property:

  • Assessed based on the cost of the property, with depreciation.
  • Taxed at the applicable county rate.
  • Tax return must be filed by July 1 each year (WV Code § 11-3-2).

Personal Property of Individuals (e.g., Vehicles):

  • Assessed based on the market value (often determined by NADA or similar guides).
  • Taxed at the applicable county rate, and the rate can vary from county to county.
  • Annual filing of personal property tax return for vehicles is required (for registration or titling purposes).
  • Exemptions:  Certain personal property may be exempt from taxation (such as household goods, if not part of a business inventory). These exemptions vary by county and are specified in the West Virginia Code and local tax regulations.

Filing Deadlines:

  • Personal Property Tax Returns for Business Property: Must be filed annually by July 1 each year (WV Code § 11-3-2).
  • Vehicle Personal Property: The filing deadline for vehicle property tax is generally aligned with the vehicle registration cycle and may vary based on county regulations.

Personal property in West Virginia is taxable and assessed based on its value. For businesses, this includes equipment, machinery, and other assets, while for individuals, this primarily includes vehicles. The property is assessed by the county assessor and taxed at the local rate. Taxpayers must file a personal property tax return for business property by July 1 each year, and vehicles are assessed annually based on their market value.