Helpful Real Estate Tax Deferral Bill Advances

January 18, 2018

SB 228 (Howell), introduced at the request of the Treasurers Association of Virginia, relates to the point at which real property taxes deferred under a local tax deferral program for seniors and residents with disabilities become due.  Currently, Virginia Code provides that the deferred taxes become due upon sale of the property, and does not address transfers of property.  In some localities, properties in these tax deferral programs have been transferred to family members, neighbors, or caregivers as gifts; because the transfer is not a sale, the deferred taxes do not come due.  The bill provides that the taxes would be due upon transfer, except when property is transferred between spouses or in accordance with certain recognized estate planning procedures.  VACo supports this legislation.  The bill was heard in the Senate Finance Committee on January 17 and reported unanimously.

VACo Contact: Katie Boyle

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