Nov 03, 2010
Three Virginia Constitutional Amendments pass on Election Day
03 Nov 2010
Posted by VAR
- One authorizes legislation that permits localities to establish their own income or financial worth limitations for purposes of granting property tax relief for 65+ year-old or permanently- and totally-disabled homeowners;
- A second requires the General Assembly to provide a real property tax exemption for the principal residence of a veteran, or his or her surviving spouse, if the veteran has a 100% service-connected, permanent, and total disability; and
- The third increases the permissible size of the Revenue Stabilization Fund (also known as the “rainy day fund”) from 10 percent to 15% of the Commonwealth’s average annual tax revenues derived from income and retail sales taxes for the preceding three fiscal years.