- 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.
Three Virginia Constitutional Amendments pass on Election Day
This entry was posted in Uncategorized. Bookmark the permalink.