HB 3451
Relating to taxation
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to increase the state’s homestead property tax exemption for older homeowners and those with disabilities. The exemption would gradually increase from $20,000 to $40,000 over several years, contingent on a voter-approved constitutional amendment. The bill also removes a cap on property tax books and eliminates limitations on levy rates, potentially leading to increased property taxes. Importantly, the exemption’s availability is tied to the passage of a constitutional amendment.
Key provisions
- Increases the homestead exemption gradually from $20,000 to $40,000 over several years.
- The increase is contingent on voter approval of a constitutional amendment.
- Removes a cap on the number of properties assessed for property tax purposes.
- Eliminates limitations on property tax levy rates.
- Specifies requirements for proving residency for the exemption, including voter registration and motor vehicle registration.
- Addresses the transfer of homesteads and the continuation of the exemption.
- Provides for a phased-in implementation of the exemption.
Who is affected
- Homeowners
- Senior citizens (65 years or older)
- Individuals with disabilities
- Local governments (due to potential tax revenue changes)
- Property taxpayers
Notable changes
- The bill removes a previous cap on the amount of property taxes that could be levied.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
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