The Board of Supervisors of Buchanan County, Virginia, finds
that elderly and disabled taxpayers are bearing an extraordinary tax
burden on certain tangible personal property in relation to their
income and financial worth, and hereby ordains that such tangible
personal property shall be eligible to be assessed and taxed in accordance
with the provisions of Article 1.01 of Chapter 35 of Title 58.1 of
the Code of Virginia and this article.
For the purposes of this article and unless otherwise required
by the context:
ELDERLY
A person who has reached the age of 65 years as of December
31 of the preceding year.
DISABLED
An individual who is permanently and totally disabled so
to be unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment or deformity
which can be expected to result in death or which can be expected
to last for the duration of such person's life. A person receiving
benefits from the Social Security Administration pursuant to 42 U.S.C.
§ 423(d) shall be deemed disabled.
NET FINANCIAL WORTH
The assets, including the present value of all equitable
interests, less the liabilities of the individuals prepared in accordance
with generally accepted accounting principles.
QUALIFYING VEHICLE
"Qualifying vehicle" means any passenger car, motorcycle, autocycle, and pickup or panel truck, as those terms are defined in § 46.2-100, that is determined by the commissioner of the revenue of the county or city in which the vehicle has situs as provided by § 58.1-3511 to be (i) privately owned; (ii) leased pursuant to a contract requiring the lessee to pay the tangible personal property tax on such vehicle; or (iii) held in a private trust for nonbusiness purposes. In determining whether a vehicle is a qualifying vehicle, the commissioner of revenue must rely on the registration of such vehicle with the Department pursuant to Chapter
6 (§ 46.2-600 et seq.) of Title 46.2 or, for leased vehicles. the information of the Department pursuant to Subsections B and C of § 46.2-623, unless the commissioner of the revenue has information that the Department's information is incorrect, or to the extent that the Department's information is incomplete. For purposes of this chapter. all-terrain vehicles and off-road motorcycles titled with the Department of Motor Vehicles and mopeds shall not be deemed qualifying vehicles.
The total income received by an elderly or disabled vehicle
owner during the calendar year immediately preceding the tax year
for which the relief provided by this article is sought shall not
exceed $25,000. This income limitation shall be computed by aggregating
the income of a husband and wife who reside in the same dwelling regardless
of how such vehicle may be titled.
The net financial worth of an elderly or disabled vehicle owner
as of December 31 of the immediately preceding calendar year and for
each day of the tax year shall not exceed $50,000. This net worth
limitation shall be computed by excluding the unencumbered fair market
value of the elderly or disabled owner's principal residence and up
to one acre of land on which the principal residence is situated and
any liabilities secured by such principal residence and land (and
excluding the value of household furnishings, furniture, appliances
and other items typically used in a home, which shall include any
specialized equipment typically used in a home by a person with a
disability). The assets and liabilities of a husband and wife who
reside in the same dwelling shall be aggregated regardless of how
the elderly or disabled owner vehicle may be titled.
Any person or persons who falsely claim exemptions under this
article shall be guilty of a misdemeanor and, upon conviction thereof,
shall be fined not less than $50 nor more than $500 for each offense.