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110CSR21B

4.2.4. The map number where the property may be found, 4.2.5. The parcel number for the property; 4.2.6. The assessed value of the property after application of the homestead exemption; and 4.2.7. The gross property tax on the property after application of the homestead exemption. 4.3. The assessor shall maintain the information required in subsection 4.2 of this rule. §110-21B-5. Determination of Eligibility.

5.1. The Commissioner shall, using the information entered into the System by the assessor, annually determine the taxpayers that have qualified for the homestead exemption.

5.1.1. The Commissioner shall also determine the amount of the tax credit available to the respective taxpayers. The amount of the tax credit shall be based upon the information in the System.

§110-21B-6. Notice of Eligibility, Forms and Instructions.

6.1. The Commissioner shall annually issue a taxpayer specific notice only to (1) those eligible taxpayers who claimed the credit in the prior tax year, (2) those taxpayers who are newly eligible for the tax credit as determined by the Tax Commissioner, and (3) by request of a taxpayer who reasonably believes he or she is eligible and will file for the tax credit.

6.2. The notice shall state the amount of credit that, based upon the information applicable to a given tax year in the System, may be available to the taxpayer.

6.3. The Department shall prepare appropriate forms and instructions to be used for calculating the actual amount of credit claimed by the taxpayer.

§110-21B-7. Calculation of Credit.

7.1. The definition of “taxes paid” requires that the amount subject to the credit be determined after application of any discount for early payment but before application of any penalty or interest for late payment.

7.1.1. W. Va. Code §11A-1-3 authorizes the payment of ad valorem taxes in two installments. The first installment is payable on or before September 1“ and becomes delinquent on October 1*. The second installment is payable on or before the succeeding March 1* and becomes delinquent April 1*.

7.1.2. Taxes paid on or before the date they are payable are subject to a 2 2% discount. Delinquent taxes are subject to accrued interest at the rate of 9% per year, and the accrued interest is added to the delinquent taxes until the taxes plus interest are paid.

7.1.3. “Taxes paid” therefore is the amount remaining either after the tax amount due is reduced by the application of the discount or before the tax amount due is increased by the addition of any interest or penalties.

7.2. Examples are found in the appendix to this rule.

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