Virginia residents might be eligible for a major tax break if some lawmakers in Richmond get their way.
They are considering an amendment that would allow local governments to give homeowners a rebate on their property taxes. This comes in response to the jump in property assessments droving up property taxes for many homeowners.
The plan would allow local governments to rebate up to 20 percent of a real estate assessment. Homeowners would appreciate the cut, but some city leaders say it could pose a problem for funding.
"When I think about priorities, "rather than give a tax break to someone living in a million dollar home, I am going to want to put more teachers in a classroom," says Charlottesville Mayor Dave Norris.
This amendment would only benefit homeowners, not businesses.