How Would We Replace the Personal Property Tax?
WDTV.com - The West Virginia Tax Reform Committee recently heard a recommendation to eliminate personal property tax, mainly to attract more businesses to our state. But would this actually work? And where would the money without that tax come from? 5 News talked to economists, senators, and locals to hear all sides and see how you feel about it. Read/Watch
The thing about getting rid of a tax in one place is it means you have to raise taxes somewhere else. Both the senator and economist 5 News spoke with agreed on this point. But what the consequences of switching around taxes like this are, each party found quite different.
Personal property taxes go to the county and the economist 5 News spoke to says they provide money for things like the police, roads, and the DNR. That money would have to come from somewhere else.