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This Sunday I was reading in the Virginian Pilot a story that may effect Norfolk’s elderly and disabled who receive a discount on Real Estate taxes. For many years qualifying Norfolk residents were able to get a discount on thier Real Estate taxes in amounts from 20%-100 % depending on income and eligibility . Im sure this was a welcome relief to the elderly and those disabled who are on fixed incomes. Norfolk has tallied up the loss and realized this discount has grown from 2.1 million in 2000 to about 7.5 million. That is a huge amount of revenue being offered as discounts to the community.
Starting this July 1 there will be a cap on the discount of 6 million combined. How will this effect people ? If you are currently getting 100% tax relief you will be safe. This change will effect people who qualify for a partial relief of the taxes. There are no 100% decisions just yet and the criteria is still being worked out.