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Many voters may not be aware that there are three Virginia Constitutional Amendments on the ballot on November 2. I wanted to take a moment and provide a quick overview of the three constitutional ballot questions.
All three amendments address taxation and revenue issues. An amendment to the Virginia Constitution is required to pass the General Assembly two consecutive years. These amendments have done just that and now, as is required by the Constitution of Virginia, they go before the voters for final approval.
The first ballot question reads as follows: "Shall Section 6 of Article X of the Constitution of Virginia be amended to authorize legislation that will permit localities to establish their own income or financial worth limitations for purposes of granting property tax relief for homeowners not less than 65 years of age or permanently disabled?"
Currently, localities are only authorized to make exemptions for those who bear an "extraordinary tax burden," or with the express approval of the General Assembly, which occasionally passes legislation authorizing specific localities to afford local property tax relief to senior citizens or the disabled. This amendment, if approved, would allow local governments to make the decision on their own, without going to the General Assembly for approval.
The second ballot question asks: "Shall the Constitution be amended to require the General Assembly to provide real property tax exemption for the principal residence of a veteran, or his or her surviving spouse, if the veteran has a 100 percent service-connected, permanent, and total disability?"
If approved, this amendment would require a statewide exemption from local property taxes for the primary residence of any 100% disabled veteran, provided that the veteran's disability is service-related. A surviving spouse could continue to claim the exemption so long as the same home remains his or her primary residence, and s/he does not remarry.
Finally, the third ballot question says: "Shall Section 8 of Article X of the constitution of Virginia be amended to increase the permissible size of the Revenue Stabilization Fund (also known as the "rainy day fund" from 10 percent to 15 percent of the Commonwealth's average tax revenues derived from income and retail sales taxes for the preceding three fiscal years?"
In other words, should we expand the allowable size of Virginia's "rainy day fund," to which state government contributes in good years to provide resources for lean years? Currently, the maximum size of the Fund - which is almost empty at present - is 10% of the Commonwealth's average annual tax revenues from income and sales taxes for the preceding three fiscal years; this amendment would up the maximum allowable amount to 15%.
If you have any questions about these three ballot items, please do not hesitate to contact me - and please remember to vote on Tuesday, November 2nd!