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2008 SESSION

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SB 496 Real property tax; exemptions and deferrals for certain residential or farm property.

Introduced by: Ralph S. Northam | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Real property tax exemptions and deferrals for certain residential or farm property.  Authorizes local governing bodies to exempt, partially exempt, or defer the taxation of parcels of real property not to exceed 20 percent of the value of the parcel provided that the parcel is residential or farm property designed for continuous habitation and occupied as the primary dwelling of the individual owners.  The bill provides that any such tax relief for residential or farm property shall not curtail or reduce local tax relief programs for the elderly or permanently and totally disabled.  The bill is contingent on a constitutional amendment authorizing the exemption. 


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