§ 58.1-3211.1. Prorated tax exemption or deferral of tax
A. The governing body of the county, city, or town may, by ordinance, also provide for an exemption from or deferral of (or combination program thereof) real estate taxes for dwellings jointly held by two or more individuals not all of whom are at least age 65 or (if provided in the ordinance) permanently and totally disabled, provided that (i) the dwelling is occupied as the sole dwelling by all such joint owners, and (ii) the net combined financial worth of all such joint owners, including the present value of all equitable interests and computed without any exclusion for the dwelling or for any other asset notwithstanding the provisions of § 58.1-3211, as of December 31 of the immediately preceding calendar year, does not exceed the following:
1. $500,000 for joint owners living in Arlington County, Clarke County, Fairfax County, Fauquier County, Loudoun County, Prince William County, Stafford County, any incorporated town located in any such county, the City of Alexandria, the City of Fairfax, the City of Falls Church, the City of Manassas, or the City of Manassas Park;
2. $324,075 for joint owners living in Chesterfield County, Goochland County, Hanover County, Henrico County, Powhatan County, the City of Charlottesville, the City of Chesapeake, the City of Hampton, the City of Newport News, the City of Norfolk, the City of Portsmouth, the City of Richmond, the City of Suffolk, or the City of Virginia Beach; and
3. $185,200 for joint owners living in any other county or city of the Commonwealth.
The tax exemption or deferral for the dwelling that otherwise would have been provided under the local ordinance shall be prorated by multiplying the amount of the exemption or deferral by a fraction that has as a numerator the percentage of ownership interest in the dwelling held by all such joint owners who are at least age 65 or (if provided in the ordinance) permanently and totally disabled, and as a denominator, 100%. As a condition of eligibility for such tax exemption or deferral, the joint owners of the dwelling shall be required to furnish to the relevant local officer sufficient evidence of each joint owner's ownership interest in the dwelling.
B. As provided in § 58.1-3211, the local governing body may elect to annually increase the net combined financial worth limit by an amount equivalent to the percentage increase in the Consumer Price Index.
C. The provisions of this section shall not apply to dwellings jointly held by a husband and wife, with no other joint owners.
D. The income limitation provisions of § 58.1-3211 shall be applicable to joint owners described under this section. Nothing in this section shall be interpreted or construed to provide for an exemption from or deferral of tax for any dwelling jointly held by nonindividuals.
(2007, c. 357; 2008, cc. 298, 695.)
Sections: Previous 58.1-3201 58.1-3202 58.1-3203 58.1-3204 58.1-3205 58.1-3210 58.1-3211 58.1-3211.1 58.1-3212 58.1-3213 58.1-3213.1 58.1-3214 58.1-3215 58.1-3216 58.1-3217 NextLast modified: April 16, 2009