On May 24, the Hanover County Board of Supervisors will hold a public hearing to obtain citizen input on additional modifications to the County’s tax relief for the elderly and disabled program. If approved, these changes will become effective for the October 2023 bill.
The proposal advertised by the Board seeks to provide additional consideration for qualifying residents by increasing the amount of net worth a participant can have from $300,000 to $400,000. For program purposes, net worth does not include the value of one’s home and up to 10 acres of land surrounding it. Nor does it include the value of personal items that are not subject to property taxes.
Other changes being considered by the Board would make $3,500 the maximum amount of tax relief that is available under the program.
If approved, the changes would represent the second time in less than two months that the Board has enhanced the tax relief for the elderly and disabled program. On April 12, as part of its Fiscal Year 2024 budget adoption, the Board increased the income levels for the various tiers of tax relief by $5,000.
To qualify for the program, applicants must be 65 years or older or permanently disabled and must own or partially own the property and have lived in it on December 31. If the applicant is in a hospital or extended care facility, he or she may still qualify if the house is not rented or leased.
If adopted by the Board, the newly proposed net worth increase and maximum relief amount would go into effect for property tax bills due in October 2023. The Commissioner of the Revenue will hold a secondary application process for residents for properties to be considered for the second half billing based on the mid-year change to the program. More information regarding the program is available here.
The Board’s public hearing on the proposed additional program changes will be held at 6 p.m. on May 24.