NVAR
NVAR works throughout the year to keep you informed of legislative and regulatory developments that affect your business.
Absentee Voting Now Open for June Primaries
Democratic primaries for Lt. Governor and Attorney General will be held on Tuesday, June 11. Polls will be open from 6 a.m. to 7 p.m. on June 11 for in-person voting. Voters can also vote absentee by mail or in person. (Note: Republican nominees for statewide offices will be determined by a party convention.
In addition, there will be party primaries in our area for the Virginia House of Delegates. Voters in the 86th District (Herndon, Oak Hill, Sterling) will select a Democratic nominee to face incumbent Tom Rust (R), while voters in Loudoun County will decide the Republican nominee in the 33rd District, currently held by Del. Joe May (R).
To see what is on your ballot or to check your voter registration status, visit http://sbe.virginia.gov/
Arlington Zoning Ordinance Hearings Set
Arlington County is currently reorganizing, reformatting and updating their Zoning Ordinance. The goal is to make the ordinance easier for residents to use and understand. The changes in the draft include: creating complete use lists for each zoning district, incorporating graphics and tables and embedding links to make the Ordinance more web-friendly.
The Planning Commission will consider these changes on May 6, while the County Board will consider them on May 18. To view a draft and related summaries of the changes, click here.
Potomac Yard Metrorail Meetings
An Environmental Impact Statement (EIS) is currently being prepared for a possible Metrorail Station at Potomac Yard in Alexandria. The Potomac Yard Metrorail Implementation Work Group will hold three Community Education and Discussion workshops in May and June to allow the public to better understand the EIS process. This group will also assist in the review of station concepts and funding, and provide input to staff, the Transportation Commission and the City Council. For additional news and updates regarding the Potomac Yard Metrorail Station, visit www.PotomacYardMetro.com.
Alexandria Approves Beauregard Rezoning
The Alexandria City Council voted in April to approve the zoning that begins the process of implementing the Beauregard Small Area Plan approved in 2012. When fully implemented, the development will feature a town center, transportation and transit improvements and new housing units. For further information on the plan, visit http://alexandriava.gov/BeauregardPlan.
Fairfax Tackles Signs in Road Right-of-Way
Due to the increasing public concern over the proliferation of political and retail signs posted on public highway rights-of-way, Fairfax County will enter into an agreement with VDOT to begin removing these illegal signs. Signs that remain up illegally from Tuesday through Friday will be removed and held at a yet to be determined location where they may be picked up within five days. Owners of signs removed from the right-of-way will face penalties. NVAR will have additional information once the agreement with VDOT is finalized.
Fairfax Approves Tysons Transportation Tax District
To aid the redevelopment of Tysons into a walkable urban area, the Fairfax County Board of Supervisors voted to create a Transportation Service District to generate funds for transportation improvements.
This district gives the Board the ability to levy a tax on all taxable real property within the Service District, with the rate to be established as part of the annual budget adoption process. It is expected that the rate will be between 6 and 8 cents per $100 of assessed value, which translates to approximately $300 per year for residential properties.
NVAR provided feedback on this proposal prior to the public hearing, urging the County to balance the need to fund transportation improvements with the burden placed on residents. While discussion took place on exempting residential properties from the service district, there was concern that Supervisors could not legally do so under state requirements that residential and commercial properties be taxed at the same rate.
They’re Back: Misleading 3.8% Tax E-mails
With the recent Supreme Court ruling on the Affordable Care Act, Realtors® can expect to hear a new round of questions from their clients on the 3.8% investment income tax included in the legislation. The bottom line for home sellers is that the $250,000 (single)/$500,000 (married) tax-free net gain exclusions still apply and that there is no sales tax on the gross sales price of a home. NAR has additional information on the ruling and also prepared this brochure which explores the true provisions of the tax code for real estate transactions.
Most importantly: there is no sales tax on the gross sales price of a home.
NAR has additional information on the ruling and also prepared this brochure which explores the true provisions of the tax code for real estate transactions.
Along the same lines, Realtors® have also received questions about a 1% fee imposed on all banking transactions. This is false. A measure that would replace the federal income tax with such a fee has been introduced several times in the past seven years by a Pennsylvania Congressman, but has gained little to no traction. Factcheck.org and snopes.com have the full explanation.