A Virginia property owner is researching property tax exemptions available in the Commonwealth. All of the following properties may qualify for a real property tax exemption in Virginia EXCEPT:
Correct Answer
C) A rental home owned by a private investor and leased to a Section 8 tenant
A private investor's rental home leased to a Section 8 tenant does not qualify for a property tax exemption in Virginia. Tax exemptions under Va. Code § 58.1-3600 et seq. are available to property owned by qualifying organizations (religious, charitable, educational, etc.) and used for exempt purposes. The ownership by a private investor for profit-generating rental purposes disqualifies the property, regardless of the tenant's housing voucher status.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
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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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