SB 724
Relating to taxation
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to gradually increase the state’s homestead property tax exemption for older homeowners and those with disabilities. Starting in 2027, the exemption would begin at $20,000, increasing annually to $40,000 by 2030. However, this increase is contingent on the passage of a constitutional amendment. The bill also repeals a provision limiting levy rates based on property tax increases and removes a restriction on receiving similar exemptions in other states. It clarifies how the exemption attaches to a property upon transfer.
Key provisions
- Increases the homestead exemption from $20,000 to $40,000 over five years, starting in 2027.
- The increase is contingent on a constitutional amendment.
- Repeals a provision limiting levy rates based on property tax increases.
- Allows homeowners to receive a homestead exemption even if they previously received a similar exemption in another state.
- Specifies requirements for proving residency, including voter registration and motor vehicle registration.
- Clarifies that the exemption attaches to the homestead on the July 1st assessment date.
- Addresses how the exemption is reflected in property tax books.
- Removes a limitation on the amount of taxes that can be levied if the exemption exceeds the assessed value of the property.
Who is affected
- Senior citizens (age 65 or older)
- Individuals certified as permanently and totally disabled
- Homeowners
- Local governments (due to potential tax revenue impacts)
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