From the Democratic Party of Virginia:
VIRGINIA SENATE PASSES PROPERTY TAX RELIEFSenator Ralph Northam's Homstead Exemption Bill Moves on to the House
(Richmond, Va.) - The Virginia Senate passed today a bill to provide tax relief for property owners throughout the Commonwealth.
Senate Bill 496, introduced by Senator Ralph Northam (D-Norfolk) will give local governments the ability to cut property taxes for residential or farm property by up to 20 percent of the assessed value.
"Property owners throughout the Commonwealth have been asking for relief and today we took a big step in helping them afford to stay in their homes," freshman Senator Northam said.
"This isn't a tax cut for the rich or for corporations," Senator Northam said. "This is a tax cut for working people doing their best to own their own home or farm."
Property tax relief was one of the Democratic Caucus' legislative priorities for the 2008 session."The Democratic Caucus made property tax relief one of our legislative priorities this year because it helps homeowners afford to stay in their homes," Senator Mary Margaret Whipple, Democratic Caucus chair, said. "Property tax rates continue to skyrocket and this issue is the number one concern for many people in localities throughout the state."
Senator Northam's bill provides the language for the homestead exemption in Virginia law. A resolution to put to ballot the constitutional amendment to provide property tax relief was passed through the House of Delegates 96-0.
Senate Bill 496 now moves on to the House of Delegates for passage.