Real Estate Advantage Program

Availability:
available via mail   Via Mail
available in person   In Person

Pursuant to the Henrico County Code, persons qualifying for exemption are deemed to be bearing an extraordinary real estate tax burden in relation to their income and financial worth. The Real Estate Advantage (REAP) is a tax exemption for qualified seniors, residents that are 100 percent permanently and totally disabled, and their spouses which relieves real estate tax up to a maximum of $3,000.

  • Maximum taxable income is $67,000
  • Maximum net worth allowed is $350,000
  • Maximum exemption awarded is $3,000
  • Filing deadline is April 1st

 

How to Receive this Service

Qualifications

  • Applicant(s) must be at least 65 years of age OR 100 percent permanently and totally disabled
  • Applicant(s) must occupy as the sole dwelling the residence in question
  • Applicant(s) must hold title to the residence
  • Applicant(s) and spouse may not have a combined total income exceeding $67,000, including Social Security
  • The income of relatives living in the dwelling must be included in the total income excluding the first $10,000 of the relative’s earnings
  • Maximum net worth of resident, spouse, and relatives may not exceed $350,000
  • Applicants applying who share ownership of the residence or other unrelated persons living in the residence, but not married to applicant, must all apply and must all qualify to receive eligibility for REAP

The initial REAP application and certification forms must be completed and submitted for the qualifying year by April 1st, with the Revenue Division. Hardship cases will be considered through December 31st.

Documentation Needed

Whether you are submitting an application at your local government center in person or mailing an application in, supporting documentation for each entry of income and net worth must be included with all applications. Such documents needed include photocopies of:

  • End of the year statements of income (previous year)
  • End of the year checking and savings account statements (previous year)
  • End of the year statements showing values of stocks owned (previous year)
  • First time applicants need a copy of their birth certificate or driver’s license as proof of age
  • Proof of disability is required for those under 65 years only. A certification from the social Security Administration, such as an awards letter, will suffice or a letter from the Railroad Retirement Board, Department of Veteran Affairs, or two signed affidavits from Virginia licensed doctors to the effect that such person is permanently and totally disabled.
  • Affidavits for disability may be obtained from the Revenue Division offices.

Contact Us

Finance

Department of Finance
4301 East Parham Road
Henrico, VA 23228

Finance Main Number
(804) 501-4729

Mailing Address
P. O. Box 90775
Henrico, VA 23273-0775

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