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Yes. The applicant seeking relief must own and occupy the property. An exception is allowed for persons living in nursing homes, hospitals, or convalescent homes for physical or mental care as long as their property is not being used by or rented to others for monetary consideration.
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Call the Commissioner of Revenue's Office at 276-403-5131 or 276-403-5136 for information. All applicants must complete applications for real estate tax relief in the Commissioner's office. The application process usually takes less than thirty minutes to complete. The applicant must supply documentation about his/her income and the income of any other relatives living in the home. He/she must also supply documentation regarding the combined financial worth of the property owner(s) as of December 31st of the year preceding the taxable year. An affidavit confirming the accuracy of the information provided for the application must be signed.
Financial statements for each individual living in the home for the year immediately preceding the taxable year including:
Statements from Social Services regarding any assistance received including:
Yes. All information is strictly confidential and not open to public inspection pursuant to the Code of Virginia.
To be eligible for the real estate tax relief program, you must apply each year between January 2 and April 1. The final deadline for application is April 1. If you are eligible, relief will be applied to your real estate tax bill due on June 5 and December 5 of the calendar year in which you qualify for relief.
The applicant who occupies the home and is the owner of the record must be 65 years of age.
No. Individuals who are under 65 and are certified to be permanently and totally disabled by the Department of Veterans Affairs, the Railroad Retirement Board, or the Social Security Administration may apply for real estate tax relief provided they meet the income and net worth requirements. If an applicant is not eligible for certification by any of these agencies, he/she must provide sworn affidavits by two medical doctors who are licensed to practice medicine in Virginia. At least one of the affidavits must be based on a physical examination by your physician.
The gross combined income of the owner(s) during the calendar year preceding the taxable year cannot exceed $27,500 per year. Income from relatives living in the home (excluding $10,000 per person, other than the property owner or their spouse) is included in computing gross income.
Examples of income include:
Regardless of the figures shown above, no exemption granted shall exceed $400 annually.
The total combined net worth of the owner(s) as of December 31 of the year preceding the taxable year shall not exceed $65,000. The fair market value of the home and up to ten acres of land on which the home is situated is not included in the combined net worth total. The owner(s) and spouse living in the home shall provide their federal tax return, if applicable, and any other documents to verify their total combined net worth for the preceding year (see previous section on necessary documentation).
Real estate other than the residence, bank accounts, trusts, certificates of deposit, stocks, bonds, cash value of life insurance policies, and the value of the personal property such as automobiles, trailers, motorcycles, etc., of the owner(s) and the spouse of any owner.
If the new owner is a qualifying spouse or qualifying co-owner of the property, then the relief will remain in effect. If the new owner did not qualify, then the exemption is prorated to the portion of the tax year in which the qualifying person owned the property.
No. If there is a mortgage on the property, you are still eligible to apply for real estate tax relief.