by Jessica Sabbath
A proposal to give localities the option to reduce real estate taxes for homeowners died Thursday after a powerful push against it from state business organizations.
The proposed constitutional amendment, which passed both state chambers last year, would have given localities the option to exempt 20 percent of a home’s assessed value. The proposal, first brought up by Gov. Timothy M. Kaine during his gubernatorial campaign, was designed to reduce the local tax burden on homeowners after assessments skyrocketed.
It was defeated in the Senate Finance Committee although it had already passed the House of Delegates. If approved by the General Assembly, it would have gone to voters this fall.
The proposal would shift the tax burden to industrial and commercial properties. The business lobby was also concerned that localities may turn to other buisness taxes to make up for lost revenue.
“A proposal to give localities the option to reduce real estate taxes”
Localities already have the option to reduce (or increase like they have been) taxes any time they want without the State’s permission. It was a stupid rebate anyway, since localities are always going to waste taxpayer’s money and continue to raise rates, therefore not giving any rebate or the full rebate but raise the tax rate to offset any benefits. TAX TAX TAX, WASTE WASTE WASTE!
--Tim of virginia
Feb. 8, 2008 at 03:48 PM