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110CSR21B

of legal title is also the owner. Personal property mortgaged or pledged shall, for the purpose of taxation, be considered the property of the party in possession.

2.8. “Personal income tax” means the tax imposed by W. Va. Code §11-21-1 et seq. 2.9. “State” means the State of West Virginia.

2.10. “System” means the statewide data processing system for property tax administration authorized by W. Va. Code §11-1A-21.

2.11. “Taxable assessed value” means the assessed value of the homestead remaining after application of the homestead exemption.

2.12. “Taxes paid” means the aggregate of regular levies, excess levies and bond levies of property taxes extended against not more than $20,000 of the taxable assessed value of a homestead that are paid during the calendar year, determined after application of any discount for early payment of taxes but before application of any penalty or interest for late payment of property taxes for a property tax year that begins on or after January 1, 2002.

2.13. "Taxpayer" means an owner who qualifies for the homestead exemption and is required to file a personal income tax return or is liable for the payment of personal income tax.

§110-21B-3. Citizen Tax Credit.

3.1. A low income taxpayer who under the authority of W. Va. Code §11-6B-1 et seq., is allowed a homestead exemption from ad valorem tax shall be allowed a credit against West Virginia personal income tax in an amount equal to the ad valorem property taxes paid by that person on up to the first $20,000 of

taxable assessed value of the homestead.

3.1.1. The credit commences for ad valorem taxes paid for property tax years that begin on or after January 1, 2003.

3.1.2. The credit may only be claimed by a taxpayer that qualifies under subsection 3.1 of this rule and only on the annual personal income tax return filed by that taxpayer.

§110-21B-4. Qualification for Homestead Exemption. 4.1. The determination as to whether a property owner qualifies for the homestead exemption shall be made by the assessor of the county in which the property owner resides. When an owner is qualified, the

homestead exemption attaches to the homestead occupied by the qualified owner.

4.2. Ifthe property owner qualifies for the homestead exemption, the assessor shall enter the following information about the qualifying property into the System

4.2.1. The name and address of the owner; 4.2.2. The county identifier for the county in which the property is located;

4.2.3. The tax district identifier for the tax district in which the property is located;