Bill Text: VA HB262 | 2024 | Regular Session | Prefiled
Bill Title: Land and improvements; classification for tax purposes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2024-02-13 - Left in Finance [HB262 Detail]
Download: Virginia-2024-HB262-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §58.1-3221.1 of the Code of Virginia is amended and reenacted as follows:
§58.1-3221.1. Classification of land and improvements for tax purposes.
A. In the
Cities of Fairfax, Poquoson, Richmond, and Roanoke all localities,
improvements to real property are declared to be a separate class of property
and shall constitute a separate classification for local taxation of real
property.
B. The governing body of the City
of Fairfax, the City of Richmond, and the City of Roanoke a locality, except any locality described in subsection D,
after giving public notice and an opportunity for the public to be heard in the
manner provided in §58.1-3007, may levy a tax on the property enumerated in
subsection A at a different rate than the tax imposed upon the land on which it
is located, provided that the rate of tax on the property described in
subsection A shall not be zero and shall not exceed the rate of tax on the land
on which it is located.
C. Nothing in this section shall be construed to permit the City of
Fairfax, Poquoson, Richmond, or Roanoke a
locality to alter in any way its valuation of real property
covered by this section.
D. The governing body of the City of Poquoson, after giving public notice and an opportunity for the public to be heard in the manner provided in §58.1-3007, may levy a tax on the property enumerated in subsection A at a different rate than the tax imposed upon the land on which it is located, provided that the rate of tax on the property described in subsection A shall not be zero.
