*Due to constantly changing regulations, please consult your tax and accounting professional for the most up to date information on this and any topic that you research online.
One tax benefit many of you may not be aware of is Henrico County’s Real Estate Advantage Program. This real estate tax relief program applies to individuals who are age 65 or older, or who are permanently and totally disabled. In general, to qualify your total gross income must not exceed $67,000 and your net worth (excluding the value of your personal residence) must not exceed $350,000. The deadline for applying for the tax relief, which is limited to $3,000, is April 1. For additional details, see here.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.