WV Update – Personal Property Tax

By: Tricia Clark, CPA

As you might remember, West Virginia passed a law this past legislative session to allow a state refundable income tax credit for WV personal property taxes on automobiles. Effective for taxes paid in 2024 and claimed on your 2024 WV income tax return.

Last Thursday, WV State Revenue Secretary, Dave Hardy, released a statement reminding state taxpayers to consider not paying their county personal property tax bill in full when received. Tax tickets are about to arrive, and they are due in halves. The first half is due by September 1, 2023, and should be paid. The second half is not due until March 1, 2024. If you wait to timely pay that half in 2024, it will be eligible for a refund on your 2024 income tax return (filed in early 2025).

The statute requires taxpayers to timely pay their county taxes, which appears to mean that the first half must be paid by the due date and the second half by 3/1/2024. The link below leads to the statement by Secretary Hardy, where the due date for the first half is October 1, 2023; however, it is our understanding that the first half is due on September 1, 2023, so taxpayers should consult their tax ticket to confirm the due date for the first half.

Those who have automobiles licensed in WV and pay personal property tax, but are nonresidents are still eligible for the credit. They must file a WV Form IT-140 to claim the refund beginning for the 2024 tax year.

Suttle & Stalnaker is committed to bringing you timely information. We will issue an update if there are new developments on this issue.