Keeping People in Their Homes: How a Reduction in Property Tax Burden Can Retain Homeownership for Low-Income Communities

Authors

• Andy O'Connell, University of Richmond - School of Law
• Daniel Lange, University of Richmond - School of Law

Abstract

This article seeks to educate policymakers and advocates on the benefits of a reduction in real property tax burdens. In Virginia, there is a dangerous combination of high real property taxes and low income that can lead homeowners to become delinquent on their property taxes. Ultimately, this can lead to taxpayers' homes being foreclosed upon. The best solution for Virginia is the Circuit Breaker tax credit, a program enacted by many other states that allows for a maximum property tax burden for families based on their income and amount of assets. This program is pinpointed to only helping those who truly need it, making it more affordable to localities than more general options. A Circuit Breaker program also allows for true relief to low-income homeowners, which has not been achieved by current efforts to fix the problem.

Document Type

Article

Publication Date

2021

Recommended Citation

Andy O'Connell & Daniel Lange, Keeping People in Their Homes: How a Reduction in Property Tax Burden Can Retain Homeownership for Low-Income Communities, 39 J. St. Tax'n 45 (2021).