Dorothy, age 72, owns her home in Henrico County, Virginia. Her annual household income is $28,000 and her net worth (excluding her home) is $85,000. She applies for Virginia's elderly and disabled property tax relief program. Which statement best describes how Virginia's program works?
Correct Answer
B) Localities administer their own relief programs within state-established parameters, and relief amounts vary by jurisdiction
Under Va. Code § 58.1-3210 through § 58.1-3212, Virginia's elderly and disabled tax relief program is locally administered. Each locality sets its own income and net worth thresholds and determines the form and amount of relief (exemption, reduction, or deferral) within the parameters established by state law. This means relief amounts and eligibility criteria vary significantly from one Virginia jurisdiction to another.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
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.
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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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- → Three depreciation:
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