Further Homestead Exemption: SB496 Passes Senate ~ Hampton Roads Real Estate Ramblings

Further Homestead Exemption: SB496 Passes Senate

Wednesday, February 13, 2008

Hello Hampton Roads,

As a quick update to my post, The Homestead Exemption A Bust--is this a Boon or Bane?, yesterday Feb. 12, 2008, the Senate overwhelmingly passed Senator Northam's bill, SB496 by a wide margin of 36-3.




SB496 allows for real property tax exemptions and deferrals for certain residential or farm property. It authorizes local governing bodies to exempt, partially exempt, or defer the taxation of real property of up to 20 percent of the assessed value or the assessment for real property that is residential or farm property designed for continuous habitation and occupied as the primary dwelling of the individual owners. The bill provides that any such tax relief for residential or farm property shall not curtail or reduce local tax relief programs for the elderly or permanently and totally disabled. This bill is identical to HB 1118.
-----Source Virginia General Assembly Legislative Information System



The bill is contingent on a constitutional amendment authorizing the exemption. Having passed the Senate, the bill moves on the House of Delegates.


___________________
For your real estate needs, visit my website at
http://www.hamptonroadsrealestate.us/