                                 CODE OF VIRGINIA

RESTRICTIONS AND CONDITIONS (§ 58.1-3506.2)

Any difference in the rates for purposes of this section shall be subject to the
following restrictions and conditions:

1. The total combined income received, excluding the first $7,500 of income, at
the option of the local government, from all sources during the preceding
calendar year by the owner of the motor vehicle shall not exceed the greater of
$30,000 or the income limits based on family size for the respective
metropolitan statistical area, annually published by the Department of Housing
and Urban Development for qualifying for federal housing assistance pursuant to
&#xA7; 235 of the National Housing Act (12 U.S.C. &#xA7; 1715z).

2. The owner&#8217;s net financial worth, including the present value of all
equitable interests, as of December 31 of the immediately preceding calendar
year, excluding the value of the principal residence and the land, not exceeding
one acre, upon which it is situated, shall not exceed $75,000. The local
government may also exclude such furnishings as furniture, household appliances
and other items typically used in a home.

3. Notwithstanding the provisions of subdivisions 1 and 2, in Fairfax County and
any town adjacent thereto, Arlington County, Chesterfield County, Loudoun
County, and Prince William County, or the Cities of Alexandria, Chesapeake,
Fairfax, Falls Church, Manassas, Manassas Park, Portsmouth, Suffolk or Virginia
Beach, or the Town of Leesburg, the board of supervisors or council may, by
ordinance, raise the income and financial worth limitations for any reductions
under this article to a maximum of the greater of $52,000 or the income limits
based upon family size for the respective metropolitan statistical area,
published annually by the Department of Housing and Urban Development for
qualifying for federal housing assistance pursuant to &#xA7; 235 of the National
Housing Act (12 U.S.C. &#xA7; 1715z), for the total combined income amount, and
$195,000 for the maximum net financial worth amount which shall exclude the
value of the principal residence and the land, not exceeding one acre, upon
which it is located.

4. All income and net worth limitations shall be computed by aggregating the
income and assets, as the case may be, of married individuals who reside in the
same dwelling and shall be applied to any owner of the motor vehicle who seeks
the benefit of the preferential tax rate permitted under this article,
irrespective of how such motor vehicle may be titled.

HISTORY: 1991, c. 646; 1998, c. 361; 2007, c. 813; 2020, c. 900.