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HomeMy WebLinkAbout7/9/2024 - Tax Relief for Elderly-Disabled - Additional Slides & Madison County Code Sec. 24-4 Roanoke County Tax Relief Budget Roanoke County Tax Relief Budget Tax Relief FY 2024 FY 2024 FY 2025 Budget Projection Budget Tax Relief - Elderly & Handicapped $ 320,000 $ 542,314 $ 500,000 Tax Relief - Disabled Veteran $ 790,000 $ 1,352,324 $ 1,194,060 Total Roanoke County Tax Relief $ 1,110,000 $ 1,894,638 $ 1,694,060 • Increased FY 2025 Budget by $584,060 • FY 2024 Projection exceeds budget by $784,638 • FY 2025 Adopted Budget is $200,578 below the FY 2024 Projection 1 ROANOKE COUNTY VIRGINIA EST. 1838 Motor Vehicle License Fee Motor Vehicle License Fee • FY 2025 Motor Vehicle Type of Vehicle/Trailer Vehicle Licensing Fee (VLF) License Fee Revenue Budgeted at $2,450,000 Antique Vehicles (one-time fee) $ 5.00 Boat Trailers $ 6.50 • Revenue is subject to Farm Use Vehicles $ 15.00 Schools Revenue Sharing Formula General Vehicles: less than or equal to 4,000 pounds $ 20.00 General Vehicles: more than 4,001 pounds $ 25.00 • Phasing in over a two-year Motorcycles $ 15.00 period would be a reduction in General Trailers: less than or equal to 1,500 pounds $ 8.00 Government Revenues of Trailers: 1,500 to 4,000 pounds $ 18.50 $1,225,000 in FY 2026 and Trailers: more than 4,000 pounds $ 20.00 in FY 2027 1 ROANOKE (111:6 COUNTY VIRUINIA EST.1838 Created: 2023-09-21 11:27:13 [EST] (Supp. No. 3) Page 1 of 2 Sec. 24-4. Real estate tax; exemption for elderly and disabled. (a) Definitions. The following words, terms and phrases, when used in this section, shall have the meaning ascribed to them in this subsection, except where the context clearly indicates a different meaning: Commissioner of Revenue means the Commissioner of Revenue of the County. Deferral means deferral of the County real estate taxes pursuant to the provisions of this chapter. Permanently and totally disabled means a County taxpayer who is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment or deformity, which can be expected to result in death or can be expected to last for the duration of such person's life. Tax means the annual real estate tax of the County. Taxpayer means a person who owns and occupies real property as his sole dwelling which is subject to the real estate tax of the County. (b) Prerequisites for deferral. (1) Tax deferral is authorized for taxpayers who are not less than 65 years of age, or who are permanently and totally disabled, and who are eligible under the provisions of this section. A dwelling jointly held by a husband and wife may qualify if either spouse is 65 or over or is permanently and totally disabled. (2) Deferral is authorized only if: a. The total combined gross income during the immediately preceding calendar year from all sources of the owners of the dwelling living therein and of the owners' relatives living in the dwelling does not exceed $30,000.00; and b. The gross combined financial worth, including equitable interests, as of December 31 of the immediately preceding calendar year of the owner and of the spouse of any owner, excluding the value of the dwelling and the land, not exceeding three acres, upo n which it is situated, does not exceed $75,000.00. (c) Deferral applies only to residential property. The real estate deferral under this section applies only to residential real property, and no income producing residential property or combination of business and residential property shall be entitled to real estate tax deferral. (d) Taxpayer's affidavit; certificate of disability. (1) To qualify for deferral, a taxpayer must file annually prior to April 1 with the commissioner of revenue an affidavit under oath setting forth: a. The location and description of property sought for tax deferral; b. The names, ages, combined financial worth and gross income for the preceding calendar year of the owners of the property; and c. The names and income for the preceding calendar year of related persons occupying the property. (2) If a taxpayer is under 65 years of age, such affidavit shall have attached thereto a certification by the Veterans Administration or the Railroad Retirement Board, or if the taxpayer is not eligible for certification by any of these agencies, a sworn affidavit by two medical doctors licensed to practice medicine in the state, that the taxpayer is permanently and totally disabled, as defined in subsection (a) of this section. Created: 2023-09-21 11:27:13 [EST] (Supp. No. 3) Page 2 of 2 (e) Commissioner of Revenue may request documents and make inquiry. In administering this section, the Commissioner of Revenue may request certified tax returns or other documents of the taxpayer necessary to establish the income or financial worth of the taxpayer. The Commissioner may make reasonably necessary inquiries of the taxpayer, requiring answers under oath, to determine qualifications specified in this section, including qualification as permanently and totally disabled. (f) Taxpayer's residency in hospital, etc. The fact that a taxpayer who is otherwise qualified for deferral pursuant to this section is residing in a hospital, nursing home, convalescent home or other facility for physical or mental care for extended periods of time shall not be construed to mean that the property for which tax deferral is sought does not continue to be the sole dwelling of such taxpayer during such extended periods of other residence, so long as such property is not used by or leased to ot hers for consideration. (g) Amount of deferral. A taxpayer who qualifies for deferral shall be entitled to have his total real estate tax deferred until the taxpayer no longer qualifies for deferral. (h) Roll-back of deferral. (1) If a taxpayer who elects deferral of the tax under this section ceases to qualify for deferral, such taxpayer shall pay to the County as a roll-back of such deferral, an amount equal to the sum of the deferral tax for the most recent past tax years, not to exceed five past tax years. Such roll-back shall be paid prior to the time real estate tax payment is due for the year when a taxpayer ceases to qualify. (2) If a taxpayer who elects deferral of tax under this section sells his residential real estate, such taxpayer shall pay to the County as a roll-back of such deferral, an amount equal to the sum of the deferred tax for the most recent past tax years, not to exceed five past tax years. Such roll-back shall be paid at the time of sale. (3) If a taxpayer who elects deferral of tax under this section dies and his residential real estate is not thereafter owned by a taxpayer who elects deferral of tax under this section, the estate of such deceased taxpayer or the successor to title of such deceased taxpayer's residential real estate shall pay to the County as a roll-back of such deferral, an amount equal to the sum of the deferred tax for the most recent past tax years, not to exceed five past tax years. Such roll -back shall be paid within one year after the death of said taxpayer. (4) The amount of deferred real estate tax shall be a lien upon the real estate of a taxpayer who elects deferral of tax under this section. (Ord. No. 2013-2, §§ 1—8, 3-7-2013) State law reference(s)—Authority to exempt elderly and handicapped persons from real estate taxes, Code of Virginia, § 58.1-3210 et seq.; restrictions and exemptions, Code of Virginia, § 58.1-3211; change in income, Code of Virginia, § 58.1-3215; definition of "permanently and totally disabled," Code of Virginia, § 58.1-3217.