§ 34.005 INTEREST.

   Interest at the rate of 10% per annum shall be collected upon the principal and penalty from July 1 of the year next after taxes are assessed under § 34.002.

(1997 Code, § 62-34)

PROPERTY TAX EXEMPTION FOR ELDERLY PERSONS

§ 34.015 PURPOSE.

   In accordance with VA Code, §§ 58.1-3210 et seq., as amended, the Council deems those elderly persons who fall within the provisions of this division to be bearing an extraordinary tax burden on the real estate in relation to their income and net worth.

(1997 Code, § 62-56)

Statutory reference:

   Authority for subchapter, see VA Code, §§ 58.1-3210 et seq.

§ 34.016 DEFINITIONS.

   For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.

   AFFIDAVIT. The real estate tax exemption affidavit.

   COMMISSIONER OF THE REVENUE. The County Commissioner of the Revenue, or any of his or her duly authorized deputies or agents.

   DWELLING. The full-time residence of the person claiming exemption.

   EXEMPTION.  EXEMPTION from the town real estate tax according to the provisions of this subchapter.

   FAIR MARKET VALUE.  

      (1)   When applied to real estate, the appraised value and not the assessed value, as shown on the records of the Commissioner of the Revenue; and

      (2)   When applied to personal property, the term means the actual value as appraised by the Commissioner of the Revenue.

   PROPERTY. Real property.

   RELATIVE. Any relation by blood or marriage.

   TAXABLE YEAR. The calendar year, from January 1 until December 31, for which exemption is claimed.

(1997 Code, § 62-57)

§ 34.017 EXEMPTION OF TAXATION ON CERTAIN REAL ESTATE; CONDITIONS.

   The dwelling owned by and occupied as the sole dwelling of any person not less than 65 years of age shall be exempt from taxation, provided the head of the household occupying the dwelling and owning the title or partial title thereto is a resident of the county and is exempted, subject to the following restrictions and conditions:

   (A)   The total combined income during the immediately preceding calendar year from all sources of the owner of the dwelling living therein and of the owner’s relatives living in the dwelling does not exceed $5,000, provided that the first $1,500 of income of each relative, other than the spouse of the owner who is living in the dwelling, shall not be included in the total;

   (B)   The net 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 shall not exceed $20,000; and

   (C)   The fair market value of the dwelling and the land not exceeding 1 acre upon which the dwelling is situated, not to exceed $20,000, is excluded from the combined financial worth determined in division (B) of this section.

(1997 Code, § 62-59)