HB1045: Real estate tax; exemptions and deferrals for certain residential or farm property.

Chief Patron

Del. Vivian Watts (D-39)

Vivian Watts (D-39)
Annandale, VA
Served: 1996–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

02/12/2008: Failed to Pass in Committee

View Entire History

Summary

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 real property of up to 20 percent of the fair market value of up to one acre of real property that is residential or farm property designed for continuous habitation and occupied as the primary dwelling of the individual owners. The maximum amount of the exemption must be the same for all such properties within the locality, and the maximum dollar amount of the exemption shall not exceed 20 percent of the median price for such properties within the locality. The bill is contingent on passage of a constitutional amendment authorizing the exemption.