Real property tax; exemption for elderly and disabled individuals. Revises various provisions of the local real property tax exemption and deferral program for elderly and disabled individuals. The bill allows a locality to require that an individual (i) pay all delinquent taxes, penalties, and interest assessed by the locality and incurred prior to becoming eligible for an exemption or deferral, (ii) enter into an installment agreement with the locality for the payment of all such delinquent amounts in installments over a period that is reasonable under the circumstances, but that in no event shall exceed 72 months, (iii) enter into an agreement to settle and pay for less than the full amount of delinquent taxes, penalties, and interest, or (iv) a combination thereof. Additionally, the bill provides that the treasurer of any county, city, or town may include notice of the terms and conditions of the exemption and deferral program in any notice of change in assessment and shall post such information on the locality's website. Finally, the bill allows a locality to provide a prorated exemption or deferral for the portion of the taxable year during which the taxpayer would have qualified for such exemption or deferral but had not yet filed an application.

Statutes affected:
Introduced: 58.1-3212, 58.1-3213.1, 58.1-3215
Finance Substitute : 58.1-3212, 58.1-3213.1, 58.1-3215
Finance Substitute: 58.1-3212, 58.1-3213.1, 58.1-3215