News Column

NN taking applications for tax deferral program

August 8, 2014

By Theresa Clift, Daily Press (Newport News, Va.)



Aug. 08--The city is now accepting applications for the Real Estate Tax Deferral for the Elderly and Disabled program, according to a city news release.

NEWPORT NEWS -- The city is now accepting applications for the Real Estate Tax Deferral for the Elderly and Disabled program.

City homeowners who meet requirements including age, income and assets may qualify for deferral of real estate tax.

For example, applicants must own and reside in the home and be at least 65 years old by Dec. 31, 2013, or be permanently and totally disabled. In addition, total income of everyone living in the home must not exceed $50,000, and combined assets may not exceed $200,000, excluding the residence.

For those who qualify, the tax is postponed and must be paid upon the sale or transfer of title. Deferred taxes constitute a lien upon the real estate.

The applicant may elect to defer less than 100 percent. Qualified homeowners should consult with their mortgage company regarding the deferral of tax, the city says.

The deadline for filing a 2014 application is Sept. 2.

Residents may contact the city's Commissioner of the Revenue's office at 757-926-3535 for more information or for an application, which are also available online at http://www.nngov.com/cor.

Clift can be reached at 715-247-7870.

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(c)2014 the Daily Press (Newport News, Va.)

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Source: Daily Press (Newport News, VA)


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