A pro-rated exemption shall be granted subject to the following provisions:
(a) Ownership. Property for which a pro-rated exemption is claimed may be jointly owned on January 1 of the taxable year by two or more individuals who are not married to each other not all of whom are at least 65 years of age or older; however, the person or persons claiming the pro-rated exemption must be (i) 65 years of age or older, or (ii) permanently and totally disabled on December 31 of the year immediately preceding the taxable year. The joint owners shall furnish the Commissioner with sufficient evidence of each joint owner's ownership interest in the dwelling. Real property that is a dwelling jointly held by two or more individuals includes real property (i) held by an eligible person in conjunction with one or more other people as tenant or tenants for life or joint lives, (ii) held in a revocable inter vivos trust over which an eligible person with one or more other people hold the power of revocation, or (iii) held in an irrevocable trust under which an eligible person in conjunction with one or more other people possesses a life estate or an estate for joint lives or enjoys a continuing right of use or support. The term “eligible person” does not include any interest held under a leasehold or term of years.
(b) Occupancy. The property must be occupied as the sole dwelling of all the joint owners. The sole residence owned by a person otherwise qualified for exemption under this chapter who is not actually occupying the same while a patient in a hospital, nursing home, convalescent home or other facility for physical or mental care for an extended period of time shall continue to be deemed such qualifying owner's dwelling; provided, however, that such residence is not used by or leased to others for consideration.
(c) Income. The gross combined income of all joint owners during the calendar year immediately preceding the taxable year did not exceed seventy-seven thousand dollars ($77,000). Gross combined income shall be computed by adding together the total income received during the preceding calendar year, without regard to whether an income tax return is actually filed, by (i) owners of the dwelling who use it as their principal residence and (ii) owners' relatives who live in the dwelling provided that the first ten thousand dollars ($10,000) of income of the owner's spouse and each relative of the owner or owners, who is living in the dwelling, shall not be included in such total. The gross combined income shall exclude all disability income of an owner, owner’s spouse or any relative of the owner or owner’s spouse residing in the dwelling during the calendar year immediately preceding the taxable. Disability income to be excluded from the qualifying household income calculation does not income dependent or auxiliary disability benefits received. Such dependent or auxiliary disability benefits shall be included in the gross household income calculation.
(d) Net Worth. The net worth of all joint owners as of December 31 of the calendar year immediately preceding the taxable year did not exceed six hundred thirty-two thousand nine hundred forty-five dollars ($632,945). Beginning as of December 31, 2021, and as of December 31st of each year thereafter, the limit on combined net worth shall be increased by an amount equivalent to the percentage increase in the September report of the Consumer Price Index for the Washington-Arlington-Alexandria, area which includes Loudoun County. Net worth shall include the value of all assets, including the present value of all equitable interests, of the owners and the owners' spouses, and shall include the fair market value of the dwelling, the land, and any other asset.
(e) The Board of Supervisors will review the qualifying income provisions of this chapter beginning in calendar year 2024 and every fourth year thereafter. The Commissioner will compile data which will include but is not limited to changes in CPI in the Washington Metro Region, Department of Housing and Urban Development (HUD) Metrics, local housing assessments and foregone revenue since the last review was conducted. The Commissioner will present the data to the County Board for consideration of any changes or updates to this chapter.
(Ord. 07-15. Passed 12-18-07; Ord. 11-19. Passed 12-12-11; Ord. 14-11. Passed 12-10-14; Ord. 15-06. Passed 11-4-15; Ord. 17-13. Passed 12-13-17; Ord. 21-06. Passed 7-14-21.)