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2001 SESSION

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012909724
HOUSE BILL NO. 2663 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee on Finance on February 3, 2001) (Patrons Prior to Substitute--Delegates Diamonstein and Rust [2037]) 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.

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 in any city having a population of no less than 19,500 and no greater than 21,500 are declared to be a separate class of property and shall constitute a separate classification from the land on which it is located for local taxation of real property.

B. The governing body of any city having a population of no less than 19,500 and no greater than 21,500 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 commissioner of the revenue to alter in any way his valuation of real property covered by this section.

2. That the provisions of this act shall expire on July 1, 2006.