Does Henrico County offer any programs providing real estate tax relief?
Yes, the Real Estate Advantage Program (REAP) provides real estate tax relief to citizens who, as of December 31st, are sixty-five (65) years or age or older, or permanently and totally disabled.
Do I have to verify my age, income or disability?
If applying for the first time, attach a copy of each owner's driver's license or birth certificate as proof of age. Proof of Disability is required for those under 65 years of age only. Applicants who are under 65 years of age should provide a certification from the Social Security Administration (Awards letter copy), Railroad Retirement Board, Department of Veterans Affairs or signed affidavits by two medical doctors licensed in Virginia to the effect that such person is permanently and totally disabled.
What is included in "Total Gross Income"?
Total Gross Income includes the applicant's income PLUS the income of relatives living in the dwelling not to exceed $67,000; however, the first $10,000 of the relatives' income (other than the spouse's) will be excluded. Examples of income: salaries, wages, social security benefits, pension/annuity, interest income, dividend income, capital gains, business income, rents received, welfare and gifts, etc.
How is Net Worth Determined?
The maximum net worth allowed for applicant, spouse, co-owners and their spouse is $350,000 as of December 31, 2009. The dwelling and up to ten acres of land on which the dwelling is located is excluded. Examples of items included in net worth: vehicles, checking and savings accounts, certificates of deposit, stocks and bonds, life insurance policies with a cash value, etc.
What is the maximum exemption awarded by the County?
The current maximum award is $3,000 per calendar year.
How does the County determine the amount of tax relief that is awarded?
The County determines the amount awarded by examining an applicant's income and net worth. The award will be 100% of the taxes due.
Is this a form of charity?
No, this program is a result of Henrico County's appreciation for its senior residents for their many years of paying for the services the County is able to provide. It is one way to give back to many residents who may be on a fixed income.
What do I have to do to apply?
To obtain an application please call (804) 501-4263. You can also receive an application in person by coming to the County offices located at:
The Western Government Center
4301 East Parham Road, Room 135
Henrico, VA 23228
or
The Eastern Government Center
3820 Nine Mile Road
P. O. Box 90775
Henrico , Virginia 23273
What is the deadline to apply for REAP?
Applications must be received by April 1st.
Note: First time filers and hardship cases have until December 31st.
Once I qualify for REAP, how do I pay the balance of my taxes?
You simply follow the normal tax payment cycle. If, however, you fail to pay the balance of your bill, minus your partial exemption, by June 30th (first-half) or December 31st (second-half) you may be disqualified from the Real Estate Advantage Program.
Will my financial information be available to the public?
No, Virginia Code Section 58.1-3 (Secrecy of Information Act) protects your financial information from public inspection.
Am I required to file an application every year?
You will file an application for the first year and every third year after that once you have received tax relief. You will only need to file a shorter certification form during the intervening two years.
How many people are participating in this program?
We expect over 6,000 to be enrolled in the Real Estate Advantage Program.
Can I have a family member or friend designated to handle the application process for me?
Yes, but you must submit a written power of attorney with your application.
What happens if I am forced to leave my home and receive treatment in an assisted living facility?
If your residence is not sold or rented to anyone then the relief will continue.
If my income or net worth increases dramatically, am I required to notify the County?
Yes, Henrico County Code Section 20-72(h) provides for tax relief only during the period for which the applicant was eligible.