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2002 SESSION

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HB 853 Exemption and deferral of tax for elderly and disabled.

Introduced by: Joe T. May | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Local real estate taxes; exemption and deferral of tax for the elderly and permanently and totally disabled. Increases from one acre to 25 non-income producing acres the maximum number of acres that may be excluded in determining the combined financial worth limitation for an exemption or deferral of local real estate taxes in the counties, cities, and towns of the Eighth Planning District. Persons at least 65 years of age or permanently and totally disabled are eligible for an exemption or deferral of real estate taxes under local government programs provided such persons fall below certain income and financial worth limitations. In determining the combined financial worth limitation, current law excludes the value of the dwelling and land, not exceeding one acre.

SUMMARY AS PASSED HOUSE:

Local real estate taxes; exemption and deferral of tax for the elderly and permanently and totally disabled. Increases from one acre to 25 non-income producing acres the maximum number of acres that may be excluded in determining the combined financial worth limitation for an exemption or deferral of local real estate taxes in the counties, cities, and towns of the Eighth Planning District. Persons at least 65 years of age or permanently and totally disabled are eligible for an exemption or deferral of real estate taxes under local government programs provided such persons fall below certain income and financial worth limitations. In determining the combined financial worth limitation, current law excludes the value of the dwelling and land, not exceeding one acre.

SUMMARY AS INTRODUCED:

Local real estate taxes; exemption and deferral of tax for the elderly and permanently and totally disabled. Increases from one acre to 25 non-income producing acres the value of real estate that shall be excluded in determining the combined financial worth limitation for an exemption or deferral of local real estate taxes in the counties, cities, and towns of the Eighth Planning District. Persons at least 65 years of age or permanently and totally disabled are eligible for an exemption or deferral of real estate taxes under local government programs provided such persons fall below certain income and financial worth limitations. In determining the combined financial worth limitation, current law excludes the value of the dwelling and land, not exceeding one acre. This bill increases the value of the exclusion in the Eighth Planning District from one acre to 25 non-income producing acres.