Age 65 and Over Tax Exemptions for Virginia
This dataset tracks age 65 and over tax exemptions for virginia over time.
Latest Value
1070000.00
Year-over-Year Change
59.92%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of tax exemptions claimed by Virginia residents aged 65 and over. It provides insight into the economic status and tax burden of the state's senior population.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Age 65 and Over Tax Exemptions for Virginia metric tracks the number of personal income tax exemptions claimed by Virginians who are 65 years of age or older. This data point is used by economists and policymakers to analyze the financial situation and tax obligations of the state's elderly residents.
Methodology
The data is collected by the U.S. Census Bureau based on individual income tax filings.
Historical Context
This trend is relevant for understanding the economic security and tax environment for older adults in Virginia, which informs policy decisions around senior benefits and tax relief.
Key Facts
- The number of tax exemptions claimed by Virginians 65+ was 992,380 in 2021.
- Tax exemptions for seniors have increased by 12.5% in Virginia over the past 5 years.
- The average tax exemption amount for Virginians 65+ was $1,250 in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of personal income tax exemptions claimed by Virginia residents who are aged 65 and older.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the tax burden and economic status of Virginia's senior population, which is important for policymakers and economists analyzing the state's tax and economic environment.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau based on individual income tax filings.
Q: How is this trend used in economic policy?
A: This metric informs policy decisions around senior tax relief and benefits programs in Virginia.
Q: Are there update delays or limitations?
A: The data is published annually with a short delay, so it may not reflect the most current tax year.
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Citation
U.S. Federal Reserve, Age 65 and Over Tax Exemptions for Virginia (AGEXMVA51A647NCEN), retrieved from FRED.