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2008 SESSION

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SB 283 Real estate tax; authorizes certain counties & cities to adopt income limit for elderly & disabled.

Introduced by: John C. Miller | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Elderly and permanently and totally disabled real estate tax relief.  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 PASSED SENATE:

Elderly and permanently and totally disabled real estate tax relief. Increases the maximum annual income limit from $62,000 to $67,000 for certain central Virginia and Tidewater localities, and adds Newport News to the localities.

SUMMARY AS INTRODUCED:

Elderly and permanently and totally disabled real estate tax relief; the City of Newport News. Authorizes the City of Newport News to adopt a maximum annual income limit of $62,000 and a maximum combined financial worth limit of $350,000 for its elderly and permanently and totally disabled real estate tax relief program. These are the same limits that currently apply for the Cities of Charlottesville, Chesapeake, Norfolk, Portsmouth, Richmond, Suffolk, and Virginia Beach and the Counties of Chesterfield, Goochland, and Henrico. The current maximum limits for the City of Newport News are $50,000 for annual income and $200,000 for combined financial worth.