Prince William County Real Estate Tax Relief For Elderly
Prince William County, located in the state of Virginia, offers many tax relief programs for its residents. One of these programs is the Real Estate Tax Relief for Elderly, which is aimed at helping senior citizens who own a home in the county to reduce their tax burden.
Eligibility Criteria
To be eligible for the Real Estate Tax Relief for Elderly program, the applicant must meet the following criteria:
- The applicant must be 65 years of age or older
- The applicant must own and occupy the home as their primary residence
- The total combined income of the applicant and their spouse must not exceed $72,000
- The total combined net worth of the applicant and their spouse must not exceed $540,000, excluding the value of the home and up to 10 acres of land.
Benefits of the Program
The Real Estate Tax Relief for Elderly program offers the following benefits:
- A maximum tax exemption of 100% for those who meet the eligibility criteria
- A reduction in the real estate tax bill for those who do not qualify for the maximum exemption, based on their income and net worth
- The program also offers a deferral option for those who are eligible but do not wish to apply for the exemption. The tax payment can be deferred until the property is sold or transferred.
Application Process
The application process for the Real Estate Tax Relief for Elderly program is simple and straightforward. The applicant needs to fill out the application form and submit it along with the required documentation to the Department of Social Services. The application deadline is March 1st of each year. The department will review the application and notify the applicant of their eligibility and the amount of the tax relief they will receive.
Conclusion
The Real Estate Tax Relief for Elderly program is a great initiative by Prince William County to help its senior citizens reduce their tax burden and live comfortably. If you are eligible for the program, make sure to apply before the deadline to avail the benefits. For more information, you can contact the Department of Social Services.