Three Virginia Constitutional Amendments pass on Election Day

Candidates for Congress weren’t the only names on the ballot yesterday. Three Virginia constitutional amendments passed on Election Day this year:

  • 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;
  • 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.
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