58.1-3211.1 - Prorated tax exemption or deferral of tax.
§ 58.1-3211.1. Prorated tax exemption or deferral of tax.
A. The governing body of the county, city, or town may, by ordinance, alsoprovide for an exemption from or deferral of (or combination program thereof)real estate taxes for dwellings jointly held by two or more individuals notall of whom are at least age 65 or (if provided in the ordinance) permanentlyand totally disabled, provided that (i) the dwelling is occupied as the soledwelling by all such joint owners, and (ii) the net combined financial worthof all such joint owners, including the present value of all equitableinterests and computed without any exclusion for the dwelling or for anyother asset notwithstanding the provisions of § 58.1-3211, as of December 31of the immediately preceding calendar year, does not exceed the following:
1. $500,000 for joint owners living in Arlington County, Clarke County,Fairfax County, Fauquier County, Loudoun County, Prince William County,Stafford County, any incorporated town located in any such county, the Cityof Alexandria, the City of Fairfax, the City of Falls Church, the City ofManassas, or the City of Manassas Park;
2. $324,075 for joint owners living in Chesterfield County, Goochland County,Hanover County, Henrico County, Powhatan County, the City of Charlottesville,the City of Chesapeake, the City of Hampton, the City of Newport News, theCity of Norfolk, the City of Portsmouth, the City of Richmond, the City ofSuffolk, or the City of Virginia Beach; and
3. $185,200 for joint owners living in any other county or city of theCommonwealth.
The tax exemption or deferral for the dwelling that otherwise would have beenprovided under the local ordinance shall be prorated by multiplying theamount of the exemption or deferral by a fraction that has as a numerator thepercentage of ownership interest in the dwelling held by all such jointowners who are at least age 65 or (if provided in the ordinance) permanentlyand totally disabled, and as a denominator, 100%. As a condition ofeligibility for such tax exemption or deferral, the joint owners of thedwelling shall be required to furnish to the relevant local officersufficient evidence of each joint owner's ownership interest in the dwelling.
B. As provided in § 58.1-3211, the local governing body may elect to annuallyincrease the net combined financial worth limit by an amount equivalent tothe percentage increase in the Consumer Price Index.
C. The provisions of this section shall not apply to dwellings jointly heldby a husband and wife, with no other joint owners.
D. The income limitation provisions of § 58.1-3211 shall be applicable tojoint owners described under this section. Nothing in this section shall beinterpreted or construed to provide for an exemption from or deferral of taxfor any dwelling jointly held by nonindividuals.
(2007, c. 357; 2008, cc. 298, 695.)