SB1424: Real estate tax; exemption for elderly and disabled.

SENATE BILL NO. 1424
Offered January 24, 2007
A BILL to amend and reenact § 58.1-3210 of the Code of Virginia, relating to exemption from or deferral of taxes on real property owned by certain elderly and disabled persons.
Patron-- Quayle

Unanimous consent to introduce

Referred to Committee on Finance

Be it enacted by the General Assembly of Virginia:

1.  That § 58.1-3210 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-3210. Exemption or deferral of taxes on property of certain elderly and handicapped persons.

A. The governing body of any county, city or town may, by ordinance, provide for the exemption from, deferral of, or a combination program of exemptions from and deferrals of taxation of real estate and manufactured homes as defined in § 36-85.3, or any portion thereof, and upon such conditions and in such amount as the ordinance may prescribe. Such real estate shall be owned by, and be occupied as the sole dwelling of anyone at least sixty-five years of age or if provided in the ordinance, anyone found to be permanently and totally disabled as defined in § 58.1-3217. Such ordinance may provide for the exemption from or deferral of that portion of the tax which represents the increase in tax liability since the year such taxpayer reached the age of sixty-five or became disabled, or the year such ordinance became effective, whichever is later. Such ordinance may provide for higher percentages of tax relief to anyone at least 65 years of age on the basis of increasing age, especially those who are 75 years of age or older. A dwelling jointly held by a husband and wife may qualify if either spouse is sixty-five or over or is permanently and totally disabled.

B. For purposes of this article, any reference to real estate shall include manufactured homes.