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Fredericksburg News

Posted on: March 29, 2017

Elderly Tax Relief Applications Due by May 1

Applications for  Real Estate Tax Relief for the Elderly or Disabled are due by May 1 to the Commissioner of the Revenue.

Frequently Asked Questions:

1.
How do I get real estate tax relief?

Applications for Tax Relief for the Elderly or Disabled are available in the Real Estate Section of the Office of the Commissioner of the Revenue. You must file an application each year by May 1. In order to qualify, you must meet certain net worth and gross income requirements. These requirements are set annually by City Council. 

2.How old do you have to be to qualify for tax relief?

 You must be 65 years of age by June 30 of the preceding tax year unless you are permanently disabled. There is no age requirement for taxpayers who are permanently disabled. 

3.What is the maximum income you can receive and still qualify for tax relief?

 The current gross income limit is $50,000. This includes the income of the applicant, their spouse and partial income of any relatives who reside in the house. This limit is subject to change on an annual basis. 

4.What is the maximum net worth limit to qualify for tax relief?

 The current net worth limit is $200,000. Net worth includes all assets except for the value of the house and lot. 

5.Do I have to list my social security as income on my tax relief application?

 Yes, all sources of income must be included as the gross income on the application. Dividends are counted as income only if the money is actually sent to the applicant and not reinvested. 

6.Can I subtract my mortgage payment from my income on my tax relief application?

 No. Since the value of the house and lot are excluded from the net worth, the mortgage payment cannot be excluded.

See link below for application and more information.

Additional Info...
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