Supervisors

Supervisors (Continued from Page 3) program, under which qualifying property is assessed at use value rather than fair market value, is aimed at preserving and protecting the Commonwealth's agricultural industry and its farmland.) Robert Dennis, president of the Warrenton-based Piedmont Environmental Council, reported that the group has been asked to participate in an evaluation and review of the use value program along with such diverse organizations as the State Department of Taxation, the Commissioners of Revenue Association and the Virginia Association of Counties. “There are probably some changes in the wind, changes on a statewide basis.” Mr. Dennis noted that Loudoun got enabling legislation from the last General Assembly which allows that

Real Estate f=> Eileen M. Day realtor sslss HOMEOWNERS WINNERS IN TAX REFORM Now that the tax reform bill is law, it is evident that the big winners are owners of first and second homes. In the midst of drastic cutbacks in investment preferences ev-» erywhere else in the tax code, American homeowners emerged with top honors. First, deductibility of mortgage interest and property taxes for primary and second residences is retained. Under the current tax law, you will be able to deduct every cent of your property taxes and mortage interest payments per year for up to two homes. Your maximum personal income-tax bracket will drop — that’s for sure — which means that homeowners will have more after-tax cash to spend thanks to the lower tax brackets. Under the current tax law, homeowners have one of the very few personal-use tax shelters left standing in the wake of tax reform. The unlimited deductibility of mortgage interest and property taxes can only make 1st and 2nd homes more valuable. If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 675-3400. We’re here to help.