Thursday update (01/24): Real estate tax relief

Local, Norfolk, Politics, Real estate taxes, Virginia 3 Minutes

Weekly update of my legislative agenda issue.

I’ve updated the bills for the most recent information publicly available. Note that committee reports for the last few days are not yet available. There is a report from the Virginian Pilot which says that a Senate subcommittee approved a 20% homestead exemption bill; however, the report does not identify which bill it is nor the subcommittee which approved it. (I suspect it is Whipple’s SJ6.)

Constitutional amendments:

  • HJ3 – (Brink) – 20% homestead exemption (2nd reference). In HP&E Constitutional subcommittee. On docket 1/23.
  • HJ4 – (Albo) – 20% homestead exemption (2nd reference). In HP&E Constitutional subcommittee. On docket 1/23.
  • HJ56 – (P Miller) – 20% homestead exemption (2nd reference). In HP&E Constitutional subcommittee. On docket 1/23.
  • HJ121 – (Moran) – 20% homestead exemption (2nd reference). In HP&E Constitutional subcommittee. On docket 1/23.
  • SJ6 – (Whipple) – 20% homestead exemption (2nd reference). In SP&E committee.
  • HB6 – (Brink) – 20% homestead exemption – voter referendum in November 2008. In HP&E Constitutional subcommittee. On docket 1/23.
  • HB11 – (Albo) – 20% homestead exemption – voter referendum in November 2009. In HP&E Constitutional subcommittee. On docket 1/23.
  • HB272 – (P Miller) – 20% homestead exemption – voter referendum in November 2008. In HP&E Constitutional subcommittee. On docket 1/23.
  • SB9 – (Whipple) – 20% homestead exemption – voter referendum in November 2008. In SP&E committee. On docket 1/22.
  • HJ19 – (Frederick) – cap of 1% plus rate of inflation (1st reference). In HP&E committee. Continued to 2009.
  • SJ60 – (J Miller) – exempts up to $100,000 from tax (1st reference). In SP&E committee. On docket 1/22.
  • SJ73 – (Hanger) – gives localities ability to exempt part of real estate from taxation (1st reference). In SP&E committee. Continued to 2009.
  • HJ18 – (Lingamfelter) – exempts from real estate tax the principal residence of certain veterans (1st reference). In HP&E committee. Continued to 2009.
  • HJ38 – (O Ware) – exempts from real estate tax the principal residence of certain veterans (1st reference). In HP&E committee. Passed by for the day on 1/11/08 Continued to 2009.
  • SJ10 – (Reynolds) – exempts from real estate tax the principal residence of certain veterans (1st reference). In SP&E committee. On docket 1/22.

Real estate cap bills:

  • HB74 – (Purkey) – requires localities to lower tax rate to keep tax paid the same; locality may increase rate after public hearing. In HF subcommitte #1.
  • HB102 – (Albo) – total revenues from real estate taxes cannot exceed 105% of prior year’s revenues unless approved by 2/3 of local governing body. In HF subcommittee #1.

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. In HF subcommittee #1. On docket for 1/16 1/21.
  • HB215 – (Alexander) – permits localities to tax residential real estate at a lower rate than the general class of property and prohibits localities from raising the rate on the general class of property. In HF subcommittee #1.
  • HB270 – (P Miller) – increases income eligibility for tax relief for the elderly and disabled in certain localities. In HF subcommittee #1. On docket for 1/16 1/23.
  • HB698– (BaCote) – increases income and net worth eligibility for tax relief for the elderly and disabled in Newport News. In HF subcommittee #1. On docket for 1/16 1/23.
  • HB927 – (Nixon) – requires localities to fix tax rate 30 days prior to approval of budget. In HF subcommittee #1.
  • HB1036 – (Frederick) – requires localities to fix tax rate 30 days prior to approval of budget. In HF subcommittee #1.
  • HB1045 – (Watts) – exempts up to 20% from taxation; contingent upon passage of amendment. In HP&E Constitutional subcommittee. On docket 1/23.
  • HB1118 -(P Miller) – exempts up to 20% from taxation; contingent upon passage of amendment. In HP&E Constitutional subcommittee. On docket 1/23.
  • HB1274 – (Spruill) – increases income eligibility for tax relief for the elderly and disabled in certain localities. In HF subcommittee #1. On docket for 1/16 1/23.
  • HB1275 – (Spruill) – allows localities to grant higher percentage of tax relief to the elderly. In HF subcommittee #1. On docket for 1/16 1/23.
  • SB10 – (Northam) – exempts up to 20% from taxation; contingent upon passage of amendment. In SP&E committee. On docket 1/22.
  • SB203 – (Quayle) – increases income eligibility for tax relief for the elderly and disabled in certain localities. Reported out of Senate Finance committee. Passed Senate 1/18.
  • SB283 – (J Miller) – increases income eligibility for tax relief for the elderly and disabled in Newport News. Reported out of Senate Finance. Passed Senate 1/18.

Also, SJ81, offered by Sen. John Miller, proposes a JLARC study on the implications of an income tax credit for homeowners whose property taxes exceed a certain percentage of their income. This bill is in the Senate Rules committee.

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