58.1-3506.2 - Restrictions and conditions.
§ 58.1-3506.2. Restrictions and conditions.
Any difference in the rates for purposes of this section shall be subject tothe following restrictions and conditions:
1. The total combined income received, excluding the first $7,500 of income,at the option of the local government, from all sources during the precedingcalendar year by the owner of the motor vehicle shall not exceed the greaterof $30,000 or the income limits based on family size for the respectivemetropolitan statistical area, annually published by the Department ofHousing and Urban Development for qualifying for federal housing assistancepursuant to § 235 of the National Housing Act (12 U.S.C. § 1715z).
2. The owner's net financial worth, including the present value of allequitable interests, as of December 31 of the immediately preceding calendaryear, excluding the value of the principal residence and the land, notexceeding one acre, upon which it is situated, shall not exceed $75,000. Thelocal government may also exclude such furnishings as furniture, householdappliances and other items typically used in a home.
3. Notwithstanding the provisions of subdivisions 1 and 2 of this section, inFairfax County and any town adjacent thereto, Arlington County, ChesterfieldCounty, Loudoun County, and Prince William County, or the Cities ofAlexandria, Chesapeake, Fairfax, Falls Church, Manassas, Manassas Park,Portsmouth, Suffolk or Virginia Beach, or the Town of Leesburg, the board ofsupervisors or council may, by ordinance, raise the income and financialworth limitations for any reductions under this article to a maximum of thegreater of $52,000 or the income limits based upon family size for therespective metropolitan statistical area, published annually by theDepartment of Housing and Urban Development for qualifying for federalhousing assistance pursuant to § 235 of the National Housing Act (12 U.S.C. §1715z), for the total combined income amount, and $195,000 for the maximumnet financial worth amount which shall exclude the value of the principalresidence and the land, not exceeding one acre, upon which it is located.
4. All income and net worth limitations shall be computed by aggregating theincome and assets, as the case may be, of a husband and wife who reside inthe same dwelling and shall be applied to any owner of the motor vehicle whoseeks the benefit of the preferential tax rate permitted under this article,irrespective of how such motor vehicle may be titled.
(1991, c. 646; 1998, c. 361; 2007, c. 813.)