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2008 SESSION
HB 698 Real estate tax; authorizes certain counties & cities to adopt income limit for elderly & disabled.
Introduced by: Mamye E. BaCote | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Real estate tax exemption for the elderly and handicapped. Adds the cities of Newport News and Hampton, and the counties of Hanover and Powhatan to the list of localities that may provide real estate tax exemptions to elderly and handicapped persons whose income and net worth do not exceed limitations that are higher than the income and net worth limitations that apply in general to counties, cities, and towns. The bill also increases the income limitation from $62,000 to $67,000 for the cities of Charlottesville, Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, and the counties of Chesterfield, Goochland, Hanover, Henrico, and Powhatan. The bill incorporates HB 1428.
SUMMARY AS INTRODUCED:
Real estate tax exemption for the elderly and handicapped. Adds Newport News to the list of localities that may provide real estate tax exemptions to elderly and handicapped persons whose income and net worth do not exceed $62,000 and $350,000, respectively. For most localities, the income and net worth limitations are $50,000 and $200,000, respectively.