Virginia House Bill 262

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 5 2024 - 25% progression
Action: 2024-02-13 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Classification of land and improvements for tax purposes; localities. Reclassifies improvements to real property located in any locality as a separate class of real property and authorizes any locality to impose a real property tax on improvements to real property at a rate of tax that is different than, but does not exceed, the general real property rate and is not zero. Under current law, such classification is allowed only for the Cities of Fairfax, Poquoson, Richmond, and Roanoke and such authorization is limited to the Cities of Fairfax, Richmond, and Roanoke. Under current law and under the bill, the City of Poquoson remains authorized to impose a real property tax at a different rate than the tax imposed upon the land on which it is located that is not zero, but such rate may exceed the general real property rate. Classification of land and improvements for tax purposes; localities. Reclassifies improvements to real property located in any locality as a separate class of real property and authorizes any locality to impose a real property tax on improvements to real property at a rate of tax that is different than, but does not exceed, the general real property rate and is not zero. Under current law, such classification is allowed only for the Cities of Fairfax, Poquoson, Richmond, and Roanoke and such authorization is limited to the Cities of Fairfax, Richmond, and Roanoke. Under current law and under the bill, the City of Poquoson remains authorized to impose a real property tax at a different rate than the tax imposed upon the land on which it is located that is not zero, but such rate may exceed the general real property rate.

Land and improvements; classification for tax purposes.

Del. Joseph McNamara [R]

2024-01-23 - House - House: Subcommittee recommends striking from docket (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2024-02-13	House	Left in Finance
2024-01-23	House	Subcommittee recommends striking from docket (8-Y 0-N)
2024-01-16	House	Assigned Finance sub: Subcommittee #2
2024-01-05	House	Referred to Committee on Finance
2024-01-05	House	Prefiled and ordered printed; offered 01/10/24 24101438D

Chapter	Article	Section	Citation Type	Statute Text
58	1	3221.1	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB262
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB262+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+HB262F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?241+vot+H1002V0008+HB0262