James, a 68-year-old veteran with a 100% service-connected disability, owns and lives in his home in Chesterfield County, Virginia. Under Virginia law, which property tax benefit is James most likely eligible to receive?
Correct Answer
A) A complete exemption from local real property taxes on his primary residence
Under Va. Code § 58.1-3219.5, veterans with a 100% service-connected, permanent and total disability are entitled to a complete exemption from local real property taxes on their primary residence. This is a Virginia-specific benefit that fully exempts qualifying disabled veterans from paying property taxes on their principal home, regardless of income or age.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
Homestead portability allows homeowners to transfer a portion of their accumulated homestead tax savings to a new homestead in the same state.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
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- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
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- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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