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Montgomery Household Income Limit Raised for Real Estate Tax Relief |
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Montgomery Va Today
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Montgomery County’s Board of Supervisors has approved higher household income limits for real estate tax relief for low income disabled or elderly homeowners. Total household income for eligibility increased from $28,000 to $30,000. Real estate tax relief is available to anyone age 65 or older on Dec. 31 of the year immediately preceding the taxable year or who is totally and permanently disabled. Tax relief ranges from 40 percent to 100 percent, depending on total household income. In addition to total household income, other criteria include:
• Elderly homeowners may exclude the first $10,000 of income for any relative living in the home. • Disabled homeowners may exclude the first $10,000 of their income plus the first $10,000 of income for any relative living in the home. • Must own and live in the home for which relief is applied (includes mobile homes). • Total financial net worth, excluding the value of the home and one acre of land, must not exceed $100,000. • First time applicants may apply before Dec. 31. (Taxes still must be paid by the June 5 and Dec. 5 payment deadlines. If relief is granted retroactively, the taxpayer will receive a refund.) • Repeat applicants must apply on or before March 1 annually. For more information, contact Commissioner of Revenue Sharon Gilbert at 382-5710, Montgomery County Government Center, Suite 1A, Christiansburg, VA 24073-3170.
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