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2008 SESSION
082874802Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Chapter 32 of Title 58.1 an article numbered 2.01, consisting of a section numbered 58.1-3218.1 as follows:
§ 58.1-3218.1. Exemptions from and deferrals of real estate taxes; certain residential or farm property.
A. For purposes of Article X, Section 6 (k) of the Constitution of Virginia, and as used in this section, the term “value” means the assessed value or the assessment for local property taxation purposes.
B. Pursuant to Article X, Section 6 (k) of the Constitution
of Virginia, for tax years beginning on or after January 1, 2009, the governing
body of each county, city, or town may, by ordinance, (i) exempt or partially
exempt from real property taxation, (ii) provide for the deferral of real
property taxes, or (iii) provide for a combination program of exemptions from
and deferrals of taxation of real property [ of up to 20 percent of the
value not to exceed 20 percent of the value of any
single parcel ] of real property that is (a)
residential or farm property designed for continuous habitation and (b)
occupied as of the tax day as the primary dwelling of the owner or owners, who
shall all be individuals. For purposes of this section, real property shall
include any “manufactured home” as defined in § 36-85.3 and assessed pursuant
to § 58.1-3522.
As provided in Article X, Section 6 (k) of the Constitution of Virginia and as otherwise authorized by law, any restrictions, conditions, or classifications of the tax relief program described under this section shall be provided by the local ordinance, including provisions to verify eligibility. [ No tax relief program authorized pursuant to this section shall have the effect of curtailing or reducing tax relief authorized pursuant to Article X, Section 6 (b). ]
C. The governing body of the county, city, or town shall provide annual written notice to the general public of any local real estate tax exemption or deferral program established in the jurisdiction pursuant to this section. Such notice shall be enclosed with each real estate assessment notice or any other appropriate mailing or notice as determined by the local governing body.
D. In the event of a deferral of real estate taxes granted
by ordinance pursuant to this section, the accumulated amount of taxes deferred
shall be paid to the applicable county, city, or town by the vendor upon the
sale of the dwelling, or from the estate of the decedent within one year after
the death of the last owner thereof who qualifies for tax deferral under the
local ordinance. Such deferred real estate taxes shall constitute a lien upon
the said real property as if it had been assessed without regard to the
deferral permitted under the local ordinance. [ Any such lien
shall, to the extent that it exceeds in the aggregate 10 percent of the price
for which such real property may be sold, be inferior to all other liens of
record. ]
2. That the provisions of this act shall not become effective unless an amendment to the Constitution of Virginia, providing that the General Assembly may allow the governing body of any county, city, or town to exempt or partially exempt from real property taxation or provide for the deferral of real property taxes, within such restrictions and upon such conditions as may be prescribed by the governing body by ordinance, of up to 20 percent of the value of residential or farm property that is designed for continuous habitation and is occupied as the primary dwelling of the individual owners, is affirmed by a majority of those voting at the election and upon such question in November 2008.