As of January 2025, the Augusta County Real Estate office has made two changes in evaluating qualifications for Tax Relief for the Elderly and Disabled (TRE):
- Defined contribution retirement accounts (e.g., IRAs, 401(k)s, and 457s) are now valuated comparably with defined benefit plans (pensions).
- Net worth is now calculated by subtracting liabilities from assets. Liabilities include mortgages, car loans, and credit card debt. Previously, only assets were considered.
If you previously did not qualify for the TRE program due to your net worth and you have retirement accounts and/or liabilities, we encourage you to contact the Real Estate office at (540) 245-5647 or realestate@co.augusta.va.us.
As a reminder, the TRE program provides real estate tax relief to homeowners who are 65 years or older OR disabled. You must have a household income of less than $55,000 and a net worth of less than $125,000. Net worth does not include the value of your home. The deadline to apply is April 1, 2025. For more information about TRE and to download an application, please see the Tax Exemptions for Elderly, Disabled, & Veterans webpage.
