A Virginia real estate agent is working with a buyer who is purchasing a home from a seller who has been receiving an elderly and disabled property tax exemption from the county. The buyer asks whether the exemption will continue after the purchase. The agent correctly advises that:
Correct Answer
A) The exemption does not transfer; the buyer must independently apply and qualify for relief under the locality's program
Virginia's elderly and disabled property tax relief programs (Va. Code § 58.1-3210 et seq.) are personal exemptions tied to the qualifying individual property owner, not to the property itself. When a property is sold, the exemption does not transfer to the new owner. The buyer must independently apply to the locality and meet all eligibility requirements (age, disability status, income, and net worth thresholds) to receive any tax relief. Each locality administers its own program with its own application process.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
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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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