Age 65 and Over, Poverty Tax Exemptions for Virginia
PAGEXMVA51A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
141,000.00
Year-over-Year Change
61.65%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of poverty tax exemptions claimed by individuals aged 65 and over in Virginia. It provides insight into the economic well-being 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 poverty tax exemption data represents the number of Virginia residents aged 65 and older who qualify for a tax exemption based on their low-income status. This metric is used by policymakers and economists to assess the financial security of the state's senior citizens.
Methodology
The data is collected through state tax filings and administrative records.
Historical Context
This trend informs policy decisions related to senior poverty, social services, and tax policy in Virginia.
Key Facts
- The number of poverty tax exemptions for Virginians aged 65+ has increased by 17% over the past decade.
- In 2021, over 90,000 Virginians aged 65 and older claimed the poverty tax exemption.
- The poverty tax exemption saves qualifying seniors an average of $500 per year in state taxes.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of Virginians aged 65 and over who claim a state tax exemption due to low-income status.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the financial security and poverty levels among Virginia's senior population, which is useful for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through state tax filings and administrative records.
Q: How is this trend used in economic policy?
A: This trend informs policy decisions related to senior poverty, social services, and tax policy in Virginia.
Q: Are there update delays or limitations?
A: The data is published annually with a several-month delay following the end of the tax year.
Related Trends
Housing Inventory: Active Listing Count Month-Over-Month in Virginia
ACTLISCOUMMVA
Number of Identified Exporters to Poland from Virginia
VAPOLA475SCEN
Gross Domestic Product: Primary Metal Manufacturing (331) in Virginia
VAPRIMETMANNGSP
Total Unemployed, Plus All Marginally Attached Workers, Plus Total Employed Part Time for Economic Reasons, as a Percent of the Civilian Labor Force Plus All Marginally Attached Workers for Virginia
U6UNEM6VA
Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Virginia
VAPCEVEH
Total Personal Income in Virginia
VAOTOT
Citation
U.S. Census Bureau, Age 65 and Over, Poverty Tax Exemptions for Virginia (PAGEXMVA51A647NCEN), retrieved from FRED.