HB 4906
To exempt individuals over 70 from real estate taxes beginning tax year 2027
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to exempt individuals who are 70 years of age or older from paying real estate taxes beginning in tax year 2027. It also clarifies the requirements for the Homestead Property Tax Exemption. The bill includes provisions related to a one-quarter percent fee on revenue generated by certain nonprofit properties with significant facilities, and outlines how those funds will be distributed to counties and the Tourism Promotion Fund. It also addresses the application of existing exemptions to certain properties, such as those owned by fraternities and sororities.
Key provisions
- Exempts individuals 70 or older from real estate taxes.
- Clarifies eligibility for the Homestead Property Tax Exemption.
- Establishes a one-quarter percent fee on revenue generated by certain nonprofit properties.
- Specifies how revenue from the fee will be distributed to counties and the Tourism Promotion Fund.
- Addresses existing exemptions related to properties owned by fraternities and sororities.
- Includes provisions related to a $20,000 homestead exemption for those 65 or older.
- Outlines requirements for residency to qualify for the homestead exemption.
- Details how the exemption transfers upon property sale.
Who is affected
- Senior citizens (70 years or older)
- Homeowners
- Local governments (counties, cities, etc.)
- Nonprofit organizations
- Taxpayers
Notable changes
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours