COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Real Estate Tax Exemption For Certain Elderly and Disabled Persons

 

 

SUBJECT/PROPOSAL/REQUEST:

Public hearing to consider adoption of an Ordinance to amend the eligibility requirements and exemption amounts for the Tax Relief for the Elderly and Disabled Program

 

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, Wiggans, Correa

 

 

LEGAL REVIEW:   Yes

 

 

AGENDA DATE:

October 3, 2007

 

     ACTION:    X               INFORMATION:   

 

CONSENT AGENDA:

     ACTION:                      INFORMATION:   

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

BACKGROUND:

Albemarle County has a Tax Relief for the Elderly and Disabled Program that provides a tax exemption for the elderly and/or disabled owners of real estate and mobile homes.  The exemption is based on a matrix of income and net worth levels.  The limits of the Program are dictated by state law.

 

During its discussion of the FY 2007/08 Budget, the Board directed staff to prepare an ordinance to increase the income and net worth eligibility limits and the acreage excluded from net worth calculations to the maximums allowed by state law. 

 

STRATEGIC PLAN:

Goal 5. Fund the County’s future needs.

 

 

DISCUSSION:

As directed by the Board, staff has prepared an ordinance to amend the County’s Tax Relief for the Elderly and Disabled Program that revises the current income and net worth matrix by increasing the allowable income limit from $50,000 to $69,452 and the allowable net worth limit from $125,000 to $200,000.  The $69,452 and the $200,000 amounts are the maximum amounts allowed for Albemarle County under Virginia Code § 58.1-3211. 

 

The ordinance also increases the acreage excluded from the net worth calculation.  Currently, five acres are excluded from an applicant’s net worth.  The ordinance increases this exclusion to ten acres, the maximum amount allowed by state law.

 

 

BUDGET IMPACT:

The FY 08 budget funded $678,638 for the Tax Relief for Elderly and Disabled Program.  It is estimated that the budgeted amount will be sufficient to fund the proposed expanded tax relief Program.  The actual cost for the Program for the last three fiscal years has been $240,698 in FY 05, $291,448 in FY 06, and $406,009 in FY 07.

 

 

RECOMMENDATIONS:

Staff recommends that the Board, after the public hearing, adopt the attached ordinance (Attachment A).

 

 

ATTACHMENT

A – Proposed Ordinance

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