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2001 SESSION

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019567724
HOUSE BILL NO. 2663 Offered January 15, 2001 A BILL to amend the Code of Virginia by adding a section numbered 58.1-3221.1, relating to classification of real estate for tax rate purposes. ---------- Patrons-- Diamonstein, Albo, Marshall, Pollard and Woodrum ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 58.1-3221.1 as follows:

Article 3

Other Exemptions, Credits, Partial Abatement, Apportionments, Classifications.

§ 58.1-3221.1. Classification of Land and Improvements for Tax Purposes.

A. 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 any county, city, or town 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 any locality to alter in any way its valuation of real property covered by this section.