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2020 Real Estate Tax Relief for Seniors and Disabled in Richmond Virginia

Last year, individuals 65 and up and totally disabled homeowners in Richmond, Virginia gained increased relief from real estate taxes for 2020. The deadline for the tax relief application is approaching; the last day to file is March 31st, 2020. Eligible seniors and disabled residents could have their real estate taxes reduced by 30 to 100 percent.

 

For the Applicants Seeking Relief Because of Permanent and Total Disability:

The applicant must be totally and permanently disabled as of December 31st of the prior year (2019). Certified proof of disability must be submitted. Acceptable types of proof include a statement from Social Security Administration (notice of decisions, notice of awards, etc.) or an affidavit by two medical doctors licensed to practice in the Commonwealth of Virginia stating that the person is permanently and totally disabled.

 

For All Applicants:

– All applicants must be at least 65 or permanently and totally disabled by December 31st of the previous year.

– The applicant must live on the property and either be an owner or partial owner as of January 1st of the taxable year (2020).

– Gross combined income of entire household may not exceed $60,000.

– Joint assets (financial worth) of the applicant and applicant’s spouse may not exceed $350,000. The value of the property and up to one acre of land is excluded from the financial worth calculation.

– All income of the owners and relatives must be included in the gross combined income; however, the first $10,000 of income for the relatives’ (other than the applicant/spouse) is excluded.

– Applicants must file a new application every three years but to continue receiving tax relief, a signed certification form is required annually.

– Any significant changes to income, net worth, or other conditions must be reported as soon as possible.

– If another individual is acting on behalf of the applicant, a completed copy of the legal Power-of-Attorney is required in order to process the application.

–  In the event that the applicant, co-applicant or co-owner is deceased (between January 1 and December 31, 2019), please include a copy of the Death Certificate or the date of death if applicable.

 

Important takeaways:

The last date to submit application is March 31st of this year. If approved, the tax break is valid for three years, but the applicant must submit a re-certification annually. After the 3 years is up, an applicant must re-apply. If an applicant is applying due to total disability, proof of disability must be provided. Click here for the application.

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