Thursday update (02/21): Real estate tax relief

Weekly update of my legislative agenda issue.

Only a few bills on real estate tax relief survived crossover. The Virginian Pilot this morning had a blurb about Ralph Northam’s SB496, which would have laid out how the homestead exemption was to be implemented. So while we are likely to get to vote on the homestead exemption in November, don’t got thinking that it will go into effect in 2009.

For seniors and the disabled who qualify for real estate tax relief, watch HB1503, which increases the income eligibility, and HB163, which allows the use of projected income instead of last year’s income. Passage of these bills will likely make more people eligible.

The status of the remaining bills follows.

Constitutional amendments:

• HJ4 – (Albo) – 20% homestead exemption (2nd reference). Reported out of Senate P&E 2/19.
• HB11 – (Albo) – 20% homestead exemption – voter referendum in November 2009. Reported out of Senate P&E 2/19.

Other:

• HB163 – (Sherwood) – permits localities to use projected income and financial worth for current year in granting real estate tax relief to elderly and disabled (instead of prior year’s actual) in certain circumstances. Reported out of Senate Finance 2/19.Constitutional reading dispensed 2/20.
• HB698- (BaCote) – increases income and net worth eligibility for tax relief for the elderly and disabled in Newport News. Reported out of Senate Finance with substitute 2/19. Constitutional reading dispensed 2/20.
• HB1503 – (Loupassi) – increases income eligibility for tax relief for the elderly and disabled in certain localities. Reported out of Senate Finance 2/19.Constitutional reading dispensed 2/20.
• SB496 – (Northam) – exempts up to 20% from taxation; contingent upon passage of amendment. Killed in H P&E subcommittee Constitutional 2/20.
• SJ81 – (J Miller) – JLARC study on the implications of an income tax credit for homeowners whose property taxes exceed a certain percentage of their income. Assigned to House Rules Committee.