Tuesday, October 14, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB1560: Real estate taxes; requires localities to permit real property owners to defer portion thereof.
Be it enacted by the General Assembly of Virginia:
1. That §§ 58.1-3219 and 58.1-3219.1 of the Code of Virginia are amended and reenacted as follows:
§ 58.1-3219. Deferral of portion of real estate tax increases.
Any Each
county, and
city, or and each
town that imposes a real estate tax may shall adopt, by ordinance, a deferral program for real estate
taxes, in such amount as the ordinance may prescribe,
subject to the limitations and conditions of this article. The local governing
body shall adopt, by ordinance, the terms and conditions of the program and
whether the deferral program shall apply only to real estate owned by and
occupied as the sole dwelling of the taxpayer or whether the program shall
apply to all property.
§ 58.1-3219.1. Conditions of deferral; payment of deferred amounts.
The deferral program provided in this article shall allow the
taxpayer the option of deferring all or any portion of the real estate tax that
exceeds 105 percent of the real estate tax on such property owned by the
taxpayer in the previous tax year. The governing body
may adopt a higher minimum percentage increase figure.
The deferred amount shall be subject to interest computed at a rate established by the governing body, not to exceed the rate established pursuant to § 6621 of the Internal Revenue Code. The accumulated amount of taxes deferred and interest shall be paid to the county, city, or town by the owner upon the sale or transfer of the property, or from the estate of the decedent within one year after the death of the owner. If the real estate is owned jointly and all such owners applied and qualified for the deferral program established by ordinance, the death of one of the joint owners shall not disqualify the survivor or survivors from participating in the deferral program. All accumulated deferred taxes and interest shall be paid within one year of the date of death of the last qualifying owner. The accumulated amount of tax deferred and interest shall constitute a lien upon the real estate.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.