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2012 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-3212 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3212. Local restrictions and exemptions.
Pursuant to Article X, Section 6 (b) of the Constitution of
Virginia the General Assembly hereby authorizes the governing body of a county,
city or town to establish by ordinance net financial worth or annual income
limitations as a condition of eligibility for any exemption or deferral of tax
allowed pursuant to this article. If the governing body establishes an annual
income limitation, the computation of annual income shall be computed
by based on adding together the total income received
during the preceding calendar year, without regard to whether a tax return is
actually filed, by (i) owners of the dwelling who use it as their principal
residence, (ii) owners' relatives who live in the dwelling, and (iii) at the
option of each locality, nonrelatives of the owner who live in the dwelling
except for bona fide tenants or bona fide paid caregivers of the owner. Income
shall include only those sources of gross
income that are subject to tax under
federal income tax laws, regulations, rules,
or policies. If the governing body establishes a net financial
worth limitation, net financial worth shall be computed by based
on adding together the total net financial worth, including the
present value of all equitable interests, as of December 31 of the
immediately preceding calendar year, of the owners, and of the spouse of any
owner, of the dwelling.
Nothing in this section shall be construed or interpreted as to preclude or prohibit the governing body of a county, city or town from excluding certain sources of income, or a portion of the same, for purposes of its annual income limitation or excluding certain assets, or a portion of the same, for purposes of its net financial worth limitation.
Any county, city, or town that pursuant to this article provides for the exemption from, deferral of, or a combination program of exemptions from and deferrals of real property taxes may exempt or defer the real property taxes of the qualifying dwelling and the land, not exceeding ten acres, upon which it is situated.
No local ordinance shall require that a citizen reside in the jurisdiction for a designated period of time as a condition for qualifying for any real estate tax exemption or deferral program established pursuant to § 58.1-3210.