Manassas Park opens hearing on raising net-worth threshold for homeowners'tax relief to $200,000

Manassas Park opened a public hearing on April 7 on a proposed amendment to chapter 22, section 22-27, of the city code to raise the net combined financial worth limit that determines eligibility for real estate tax relief for qualified homeowners.

Commissioner of Revenue Poland told the governing body the office proposed increasing the net combined financial worth threshold from $175,000 to $200,000 and said the measure would exclude the value of a homeowner's primary residence. "The office of the Commissioner of Revenue proposal is to increase the net combined financial worth to 200,000 which is currently 175," Poland said, and the change was presented as a way to offset market-driven valuation increases so residents do not lose eligibility because of inflation rather than changes in actual income.

Council members asked how many applicants the city had turned away under the existing threshold and what assets are counted in the net worth calculation. Commissioner Poland said he had approved roughly 30 applications so far this cycle and that a small number of potential applicants reported net worths just above the current limit. He listed assets that are considered: retirement accounts, IRAs, savings, life insurance, stocks and CDs, and other real estate holdings (anywhere the applicant owns property). Poland said the city has no long historical data on the impacts of raising the threshold and would monitor revenues and application patterns after any change.

No members of the public spoke during the hearing. The chair closed the hearing and said the ordinance would return to the governing body for a vote at a later meeting, with council members indicating it would likely be placed on the consent agenda at the regular meeting on April 21.

Next steps: the governing body will consider the ordinance in a future meeting; the proposal as presented would take effect July 1, 2026 if adopted.