AGENDA DATE: 3/15/2023
TITLE:
Title
Schedule a Public Hearing to Consider the Adoption of an Ordinance to Modify the Real Estate Tax Relief for the Elderly and Disabled
BODY
SUBJECT/PROPOSAL/REQUEST: Schedule a public hearing to consider the adoption of an Ordinance to amend County Code Chapter 15, Taxation, Article 7, Real Property Tax, by modifying the real estate tax relief for the elderly and disabled program criteria
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Rosenberg, Bessette, Birch, Sumner, Lin, Wilson
PRESENTER (S): NA
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Department of Finance & Budget is recommending expansion of the current program for the Real Estate Tax Relief for the Elderly and Totally Disabled by increasing the income limit to align with the County’s FY 22 Housing and Urban Development’s 80% of area median income for a family of four. Under State Code, the County has authority to modify the program.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: Albemarle County Code Chapter 15, Taxation, Article 7, Real Property Tax, Division 2, Real Property Tax Exemption for Certain Elderly and Disabled Persons, describes the real property tax relief for the elderly and disabled. The proposed ordinance (Attachment A) would modify the current program by increasing the income limit from $75,100 to $83,850. For reference, $83,850 is the County’s FY 2022 Housing and Urban Development’s 80% of area median income for a family of four. As a result, the new limit will increase the three relief percentage brackets from $0 to $41,925 for 100% relief, $41,926 to $62,888 for 75% relief, and $62,889 to $83,850 for 50% relief. The change would be effective for Calendar Year 2023, which began on January 1, 2023.
BUDGET IMPACT: The modification to the real estate tax relief for the elderly and disabled would decrease collectible tax revenues. For FY 24, the budgetary impact of the program is estimated to be $125,000 and is incorporated into the FY 24 proposed budget.
RECOMMENDATION:
Recommendation
Staff recommends that the Board schedule a public hearing to consider the adoption of the attached proposed ordinance (Attachment A).
ATTACHMENTS:
A - Real Estate Tax Relief for the Elderly and Disabled Proposed Ordinance