CHARLESTON, W.Va. — The House of Delegates approved a resolution Wednesday calling for an amendment to the state Constitution to double the state’s Homestead Exemption from $20,000 to $40,000.
The 93-3 vote sent the proposal to the state Senate for consideration.
“We need anything that we can get for our seniors, our retirees,” Coalition of Retired Public Employees President Ernie ‘Spud’ Terry told MetroNews following the vote. “It’s been a long time since we’ve had anything that would put any extra money in our pockets.”
Homestead exemption applies to property owners who are 65 or older or disabled. The homestead exemption is taken off the top of any real property or personal property. The $20,000 exemption has been around since 1982.
The resolution also says any tax money a county loses by an increased exemption of $40,000, impact funding for public schools, would be made whole by the state.
Terry said state worker retirees have chosen to stay in West Virginia. He said a doubling of the homestead exemption would mean more money being spent in West Virginia.
“Every year that goes by the cost of living (impacts) their buying power and really cuts down on any quality of life for our older folks,” Terry said.