County expands real estate tax relief for certain homeowners
Date: November 22, 2005
FOR IMMEDIATE RELEASE
Contact: Ruth Richey, Acting Communications Director
Phone: (757) 253-6864
James City County's Board of Supervisors voted Nov. 22 to double the amount of net assets that certain homeowners may have to qualify for real estate tax relief. The Board also increased the household income limit to $35,000.
The County provides real estate tax relief to homeowners who are 65 or older and those who are permanently and totally disabled if they meet certain income and financial worth qualifications. The changes were made to help homeowners with limited financial resources deal with the rapidly rising home property values in the County.
Homeowners may now have a net combined financial worth of $200,000, not including the home and up to one acre of land, and $35,000 in household income from all sources. The amount of the real estate tax exemption was raised to the first $100,000 of value on the homeowner's personal residence. The previous limits were $30,000 in household income, $100,000 in total assets and an exemption equal to the first $80,000 value on the home.
The Board also extended the filing deadlines for this exemption to June 1, 2006, with provisions for first-time filers and those with hardships to file by June 30. The real estate tax relief changes are effective January 1, 2006, for applications received for real estate tax year 2007. The changes do not affect real estate tax bills that are due Dec. 5, 2005, or June 5, 2006. For more information, contact Commissioner of Revenue Richard Bradshaw at 253-6695 or Treasurer Ann Davis, 253-6705.