West Virginia Tax Department Amends Rule on Valuation of Public Utility Property

The West Virginia State Tax Department adopted amendments to regulations on the valuation of public utility property for ad valorem property tax purposes. The regulations clarify and implement state law relating to the appraisal of public utility property at fair market value and establish general rules for distinguishing between operating and non-operating public utility property for taxation purposes, including specific valuation methods such as cost, income, and market data approaches for various utility types including electric, gas, telephone, water, and sewer utilities, as well as certified high impact data centers and certified microgrid districts. The amendments took effect April 28. ...