HB175

Exempts real property of surviving spouses of armed forces members who died in the line of duty from taxation.

Virginia HB175 exempts from taxation the real property of surviving spouses of members of the armed forces who died in the line of duty. The exemption applies to property held as a tenant for life, in a revocable inter vivos trust, or in an irrevocable trust where the surviving spouse possesses a life estate. The exemption begins on the date of acquisition if the property was acquired after January 1, 2015. The exemption applies to dwellings situated on property zoned as single family residential. If the property is jointly owned, the exemption is prorated based on the ownership interest.