Real estate taxes; exemption for certain elderly or disabled persons. (HB540)

Introduced By

Sen. Jennifer McClellan (D-Richmond)

Progress

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

Description

Real property taxes; exemption for certain elderly or disabled persons. Increases, and makes uniform statewide, the maximum income and net worth amounts of elderly or disabled persons that localities may use in providing real estate tax exemptions for such persons (i) from $50,000 to $75,000 for annual income, and (ii) from $200,000 to $350,000 for net worth. The net worth cap is also increased by increasing from 10 to 20 the number of acres on which the person's home is located that can be excluded in calculating net worth. The bill states that an emergency exists and is effective upon passage. Amends § 58.1-3210, § 58.1-3211, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2006Prefiled and ordered printed with emergency clause; offered 01/11/06 063174228
01/09/2006Referred to Committee on Finance
01/18/2006Assigned to Finance sub-committee: #1 (Orrock)
01/22/2006Fiscal impact statement from TAX (HB540)
02/06/2006Incorporated by Finance (HB121-Marshall, R.G.)