Real Estate Tax Homestead Exemptions for Virginia Homeowners
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Whereas, the real estate assessments for 2005 in Arlington County, Virginia show an increase in the real estate tax base of over 18\%; and
Whereas, single-family residential dwellings (which include townhouses and condominiums) rose 24\%, a rate much higher than residential rental and commercial property; and
Whereas, these increases continue a trend of rapidly increasing single-family assessments, that has seen the average assessment increase to $458,200 an increase of 139\% in just six years; and
Whereas, other local localities in Virginia have experienced similar changes in residential assessments in recent years, creating a disproportionate shift of the real estate tax burden away from commercial property and onto homeowners; and
Whereas, on January 21, 2005, companion joint resolutions (HJ820 and SJ 449) were introduced in the Virginia General Assembly, proposing an amendment to the Constitution of Virginia which would allow local governing bodies to exempt from property taxation up to the first $100,000 of value for owner-occupied residential property (typically described as a homestead exemption);
Now therefore, the undersigned call on the Virginia Senate and House of Delegates to approve the proposed constitutional amendment described above, thereby enabling all local government units in Virginia to offer targeted real estate tax relief to owner-occupied residences via homestead exemptions.
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