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2000 SESSION

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000318912
HOUSE BILL NO. 760 Offered January 21, 2000 A BILL to amend the Code of Virginia by adding a section numbered 58.1-3211.1, relating to capping real estate taxes for the elderly and disabled. ---------- Patron-- Robinson ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 58.1-3211.1 as follows:

§ 58.1-3211.1. Cap on real estate taxes for the elderly and disabled.

A. Effective for taxable years beginning on and after January 1, 2001, the governing body of every county, city and town shall adopt either an ordinance that (i) is in accordance with § 58.1-3210, or (ii) limits the amount of real estate taxes the elderly and the disabled pay on their sole dwelling to (a) the amount paid by the elderly taxpayer in the year he attains the age of sixty-five, and (b) the amount paid by the disabled taxpayer in the year he became permanently and totally disabled, as defined in § 58.1-3217.

B. Any capped real estate tax program enacted by a county, city or town pursuant to this section shall be subject to the same income and net worth restrictions and conditions described in § 58.1-3211.

C. Any county, city or town which experiences a loss in real estate tax revenues due to the provisions of this section, shall be reimbursed by the Commonwealth for such loss annually. The commissioner of the revenue or other responsible financial officer for the locality shall provide a list of (i) the applicable taxpayers, (ii) the revenues that would have been collected if this section had not been enacted, (iii) the revenues that actually were collected, and (iv) the total loss to the locality. Such information shall be sent to the State Treasurer within thirty days after the due date of each locality's real estate taxes. Following review and approval, the State Treasurer shall reimburse such losses within sixty days of receiving the required information.