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2001 SESSION

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SB 939 Local real estate taxes in Northern Virginia.

Introduced by: Leslie L. Byrne | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Local real estate taxes. Raises the income limit from $30,000 to $50,000 for the majority of localities. It further authorizes certain Northern Virginia local governing bodies, by ordinance, to raise the income and financial worth limitations for any exemption or deferral program, thereby allowing more persons to qualify for such program. The income limitation may be raised to a maximum of the greater of $62,000 or the income limits based upon family size for the respective metropolitan statistical area, annually published by the U.S. Department of Housing and Urban Development. The financial worth amount may be raised to $240,000, excluding the value of the dwelling and the land, not to exceed one acre, upon which the dwelling is situated. This bill is identical to HB 1987.

SUMMARY AS PASSED SENATE:

Local real estate taxes. Authorizes certain local governing bodies, by ordinance, to raise the income and financial worth limitations for any exemption or deferral program, thereby allowing more persons to qualify for such program. The income limitation may be raised to a maximum of the greater of $80,000 or the income limits based upon family size for the respective metropolitan statistical area, annually published by the U.S. Department of Housing and Urban Development. The financial worth amount may be raised to $300,000, from which the value of the dwelling and the land, not to exceed one acre, upon which the dwelling is situated shall be excluded.

SUMMARY AS INTRODUCED:

Local real estate taxes. Authorizes local governing bodies, by ordinance, to reduce the real estate taxes otherwise due from persons 65 years or older such that the real estate tax liability for such persons for a taxable year will be equal to the real estate tax levied on such real estate in the preceding taxable year and adjusted by the percentage increase in the Consumer Price Index from October 1 through September 30 of the year immediately preceding the affected taxable year.