Bill Text: VA HB31 | 2012 | Regular Session | Prefiled

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Bill Title: Real property tax valuation; fair market value shall be based on non-restricted uses.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-02-14 - House: Left in Finance [HB31 Detail]

Download: Virginia-2012-HB31-Prefiled.html

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12100442D
HOUSE BILL NO. 31 Offered January 11, 2012 Prefiled December 8, 2011 A BILL to amend the Code of Virginia by adding in Article 7 of Chapter 32 of Title 58.1 a section numbered 58.1-3296, relating to real property tax valuation; property's use restricted by law. ---------- Patron-- Marshall, R.G. ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding in Article 7 of Chapter 32 of Title 58.1 a section numbered 58.1-3296 as follows:

§58.1-3296. Assessment of real property; use restricted by law.

When the use of real property is restricted by federal, state, or local law or regulation, fair market value shall be determined based solely on non-restricted uses. .