COUNTY OF ALBEMARLE
Ordinance to amend Chapter 15, Taxation, Article VII, Real Estate Exemption, Section 15-704, Persons eligible for exemption, and Section 15-705, Amount of exemption, of the Albemarle County Code
Public hearing to consider an ordinance to increase the income and net worth limits for the Tax Relief for the Elderly and Disabled Program
Tucker, White, Davis, Wiggans, Correa
LEGAL REVIEW: Yes
November 1, 2006
ACTION: X INFORMATION:
At its October 4, 2006 meeting, the Board received information about the Tax Relief for the Elderly and Disabled Program and a recommendation to increase the income and financial worth limits to expand the tax relief provided by the program (see Attachment A). The Board directed staff to prepare an ordinance to amend the County Code to increase the income and net worth levels of the program, and set the ordinance for public hearing.
Goal 5. Fund the County’s future needs.
The proposed ordinance (see Attachment B) would increase the income and net worth limits to determine eligibility for the Tax Relief for the Elderly and Disabled Program to $50,000 and $125,000 respectively. Currently the income limit is $30,000 and the net worth limit is $90,000.
As noted in the Background section of Attachment A, funds are available in the FY 2006/07 Budget to fund the proposed increase in the income and net worth figures. The impact on the FY 2007/2008 budget will be evaluated based on the increased number of applications received resulting from the higher income and net worth limits. It is not anticipated to exceed the amount budgeted for the current fiscal year.
Staff recommends that the Board, after the public hearing, adopt the attached ordinance set forth in Attachment B. The ordinance would be effective on and after January 1, 2007.
Attachment A – Executive Summary – Tax Relief for the Elderly and Disabled Program – October 4, 2006
Attachment B – Draft Ordinance
Return to regular agenda