Thursday update (02/07): Real estate tax relief

Local, Norfolk, Politics, Virginia 2 Minutes

Weekly update of my legislative agenda issue.

Much of the work on this issue was done prior to last week’s posting, with the House having passed the 20% homestead exemption for the second time as well as the bill to put it on the ballot. The only constitutional amendment bill on the Senate side, SB9, remains in Senate Finance. Here’s where we stand on the remaining real estate tax relief bills:

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. Passed the House.
  • 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. Incorporated into HB1503.
  • HB698– (BaCote) – increases income and net worth eligibility for tax relief for the elderly and disabled in Newport News. Engrossed by House 2/6.
  • 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. Incorporated into HB1503.
  • HB1275 – (Spruill) – allows localities to grant higher percentage of tax relief to the elderly. In HF subcommittee #1. Continued to 2009.
  • HB1503 – (Loupassi) – increases income eligibility for tax relief for the elderly and disabled in certain localities. Engrossed by House 2/6.
  • SB496 – (Northam) – exempts up to 20% from taxation; contingent upon passage of amendment. In the full Senate but passed by for the day on 1/30 2/6.
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