Va. Senate committee passes homestead exemption bills

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The Associated Press
© February 16, 2009

Correction: In a Feb. 16 story about a bill concerning the homestead exemption, The Associated Press, relying on information provided at a legislative committee hearing, incorrectly described what the bill would do. It would allow homeowners 65 and older and disabled veterans to exempt $10,000 in property from creditors, not allow them to exempt that amount from their home's value for tax purposes.

RICHMOND

Older Virginians and veterans could get some relief from their creditors.

The Senate Courts of Justice Committee on Monday approved bills to allow veterans and homeowners 65 and older exempt $10,000 in property from creditors. Currently, the homestead exemption is $5,000, plus $500 for each dependent.

The bills, both sponsored by Democrat Del. Joseph P. Johnson Jr. of Washington County, already cleared the House. The full Senate could take them up this week.

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Wow, the Doc Tabor actually

Submitted by jimjones on Tue, 02/17/2009 at 12:35 am.

Wow, the Doc Tabor actually has his prices listed on his website. And they are reasonable at that! It looked like a list of my deductibles at Konikoff.

I think I'd rather

Submitted by Wm D Tabor DDS on Mon, 02/16/2009 at 10:50 pm.

I'd prefer an honest assessment that reflects the true value of my home and not the inflated bubble price created by our government distorted market.

My home, which I bought for $190K 8 years ago is perhaps worth $250K today, but is assessed for $360K.

So, how much is a $10K exemption I might get in 5 more years worth compared to $110K in valuation I pay tax on now that is not, and never was, real?

Until a house is sold, its assessment should remain its last purchase price, adjusted only for inflation, and not that of comparable sales in a wildly fluctuating and speculative market that bears no relationship to inherent value. The current method of assessment would be valid only if our homes were for sale every year.

HOLY COW !!! I sure hope

Submitted by jimjones on Mon, 02/16/2009 at 7:10 pm.

HOLY COW !!! I sure hope these fortunate few don't just squander the extra $5.42 they will save every month. They would be smart to apply this windfall to the mortgage principle.