W. Va. Code R. § 110-21B-7

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 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^st and becomes delinquent on October 1^st. The second installment is payable on or before the succeeding March 1^st and becomes delinquent April 1^st.

7.1.2. Taxes paid on or before the date they are payable are subject to a 2 1/2% 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.

W. Va. Code R. § 110-21B-7