Criteria For 2020
- Maximum taxable income is $75,000
- Maximum net worth allowed is $400,000
- Maximum exemption awarded is $3,000
- Filing deadline is April 1st
Does Henrico County offer any programs providing real estate tax relief?
Yes, the Real Estate Advantage Program (REAP) provides real estate tax relief to citizens who, as of December 31st, 2019 are sixty-five (65) years of age or older, or 100 percent permanently and totally disabled.
Do I have to verify my age, income or disability?
If applying for the first time, attach a copy of each owner’s driver’s license or birth certificate as proof of age. Proof of Disability is required for those under 65 years of age only. A certificate from the Social Security Administration (Awards letter copy), Railroad Retirement Board, Department of Veterans Affairs or signed affidavits by two medical doctors licensed in Virginia to the effect that such person is permanently and totally disabled.
What is included in “Total Income”?
Total income means income before deductions, subject to tax under federal income tax laws, regulations, rules, or policies prior to any adjustments, deductions or exemptions. PLUS the total income of relatives living in the dwelling which may not exceed $75,000. The first $10,000 of the relatives’ income (other than spouse) is excluded from the calculation. Examples of income include: salaries, wages, social security benefits, pension/annuity, interest income, dividend income, capital gains, business income, rents received, welfare and gifts, etc.
How is Net Worth Determined?
The maximum net worth allowed for applicant, spouse, co-owners and their spouse is $400,000 as of December 31st. The dwelling and up to ten acres of land on which the dwelling is located is excluded. Examples of items included in net worth: vehicles, checking and savings accounts, certificates of deposit, stocks and bonds, life insurance policies with a cash value, etc.
What is the maximum exemption awarded by the County?
The current maximum exemption is 100% up to $3,000 in tax relief.
How does the County determine the amount of tax relief that is awarded?
The County determines the amount awarded by examining an applicant’s income and net worth. The award will be 100% of the taxes due up to $3,000. Should the applicant exceed the maximum net worth then notes payable, charge cards, personal loans, and other debts are considered and subtracted from the net worth.
Is this a form of charity?
No, this program is a result of Henrico County’s appreciation for its senior residents for their many years of paying for the services the County is able to provide. It is one way to give back to many residents who may be on a fixed income.
What do I have to do to apply?
To obtain an application or certification form please call (804) 501-4263. You can also print the application and certification. Additionally, you may also collect the necessary forms from one of our auditors by going to one of the two government centers listed below. Should you need help fillling out an application or just have questions about REAP you can also stop by these locations to talk to our helpful auditors:
The Western Government Center
4301 East Parham Road, Room 135
Henrico, VA 23228
The Eastern Government Center
3820 Nine Mile Road
Henrico , Virginia 23273
What is the deadline to apply for REAP?
Applications must be received by April 1st.
Note: First time filers and hardship cases have until December 31st.
Once I qualify for REAP, how do I pay the balance of my taxes?
You simply follow the normal tax payment cycle.
Will my financial information be available to the public?
No, Virginia Code Section 58.1-3 protects your financial information from public inspection.
Am I required to file an application every year?
After the first initial qualifying year has passed (the year you fill out your application and certification forms) you need only send in a renewal form for the next two years if there has been no change in your taxable income or net worth. Upon the fourth year of qualifying for REAP you must go through the application process and certification process again as you did in your first year.
How many people are participating in this program?
We expect over 6,500 to be enrolled in the Real Estate Advantage Program.
Can I have a family member or friend designated to handle the application process for me?
Yes, but you must submit a written power of attorney with your application or have the contact Person Form filled out.
What happens if I am forced to leave my home and receive treatment in an assisted living facility, hospice care, extended hospital stay or nursing home?
If your residence is not sold or rented to anyone then the relief will continue.
What if a nurse living with me or a family member assisting me, is their income included in the taxable income total?
No, if you are getting assistance from someone then their income is not included in the total taxable income.
If my income or net worth increases dramatically, am I required to notify the County?
Yes, Henrico County Code Section 20-72(h) provides for tax relief only during the period for which the applicant was eligible.