The Newport News Office of the Commissioner of the Revenue is accepting and processing applications for the Real Estate Tax Deferral for the Elderly and Disabled program available to Newport News homeowners. Those who meet specified eligibility requirements including age, income, and assets, may qualify for deferral of real estate tax. The deadline for filing a 2014 application for Real Estate Tax Deferral for the Elderly and Disabled is September 2, 2014.
Eligibility requirements are as follows:
Applicant must own and reside in the home and be at least 65 years of age by December 31, 2013 or be permanently and totally disabled.
Total combined income from all sources during 2013 of the applicant, spouse, and all relatives and non-relatives residing in the home shall not exceed $50,000. Some exceptions apply.
Combined assets of the applicant and spouse as of December 31, 2013 shall not exceed $200,000, excluding the residence.
If multiple persons, other than a spouse, are listed on the deed, all persons listed must meet the eligibility requirements.
Application must be filed between January 1 and September 2, 2014.
Real estate tax deferral is provided for property owners who are eligible according to the requirements listed above. Deferral means that the tax is postponed and must be paid upon the sale or transfer of title of the dwelling. Deferred taxes constitute a lien upon the real estate. The eligible applicant may elect to defer less than 100%. Qualified homeowners should consult with their mortgage company regarding the deferral of tax.
Citizens may contact the Commissioner of the Revenue’s Office at 757-926-3535 for more information or to obtain an application. Residents may also visit either Commissioner of the Revenue’s offices at 2400 Washington Avenue or 12912 Jefferson Avenue. Information and applications are also available on the Commissioner of the Revenue’s website.