Applications for real estate tax exemption are taken in the office of the Commissioner of Revenue, Municipal Center, Building 1, by appointment only from February 1 through June 30. To qualify, individuals must meet income and net worth limitations.
BASIC REQUIREMENTS TO QUALIFY:
- SENIOR CITIZENS must be at least 65 years of age
- TOTALLY DISABLED individuals must be totally AND permanently disabled - there is NO age limit - $10,000 income exclusion allowed
- PARTIAL OR TEMPORARY DISABILITY - up to $5,000 of disability benefit excluded
- MUST RESIDE in the Virginia Beach home or mobile home or a convalescent facility
TAX EXEMPTION/FREEZE
- Annual household income must not exceed $63,450 for TAX EXEMPTION
- Annual household income must not exceed $67,000 for the FREEZE
- Assets must not exceed $350,000 (OTHER THAN RESIDENCE)
*The percentage of tax exemption varies based upon income level
TAX DEFERRAL
- Total tax becomes due upon ownership change in residence.
- Annual household income must not exceed $67,000
- Assets must not exceed $350,000 (OTHER THAN RESIDENCE)
Requirement are SUBJECT TO CHANGE