The federal government is set to begin filing its first-ever property tax return, which will be a massive blow to many homebuyers, including those in the state of Virginia.
Homebuyers are eligible for a 10% down payment, which helps them save for the down payment and down payment interest.
But a new bill signed by Governor Terry McAuliffe in May allows homeowners in Virginia to deduct all the property taxes they pay for up to 20 years from their property tax bills.
If they are paying a federal property tax, they will still be taxed at the federal rate.
That means that if a homeowner is paying an average of $9,000 a year in federal property taxes, they would not only be hit by the full amount of the state tax, but also by the state’s property tax.
So how does this help Virginia homeowners?
Virginia state lawmakers are working on a bill that would allow homeowners to deduct up to $10,000 of their property taxes from their taxes.
In a nutshell, that means that homeowners would no longer have to worry about paying taxes for the years they were in the red, and could just pay their property property tax at the rate they want.
However, the Virginia legislature needs your help to make this possible.
Please email your comments to [email protected], and tell them to support the bill, and that you are willing to contribute to the bill.
VirginiaHouse passes bill that allows homeowners to claim up to 10 years of taxes back for up-front down payments, in-person homebuyer assistance, and up-to-date state tax information article House Republicans voted to pass the House’s first property tax bill in a year and a half, which would allow homebuylers to claim 10 years worth of taxes for up front down payments.
This is an important step in ensuring Virginia homeowners are not hit with more property taxes in the future.
The bill is expected to pass by the end of the year, and is expected by both parties to be passed by the Senate by the start of next year.
As a result of the House vote, Virginia is one of just a handful of states where homebuyners can claim the full 20 years worth to which they are eligible, without having to pay taxes at the local property tax rate.
However, that’s only one state that’s in the process of passing a similar bill, which could result in Virginia homeowners having to wait longer than 20 years to reclaim all their property and property tax refunds.
According to The Wall Street Journal, the bill was sponsored by Republican Representative Robert G. Garrett of Richmond, who is a member of the Ways and Means Committee.
“This is one small step forward in protecting Virginia homeowners,” Garrett said in a statement.
“The tax deduction and up front payments are essential tools for protecting Virginia families and businesses.
The House bill is the best way to achieve that goal.”
If you’re interested in learning more about property taxes and property taxes for other states, the National Association of Realtors recommends the following: