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2001 SESSION

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HB 2663 Classification of real property; land and improvements.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Classification of real property; land and improvements. Permits the City of Fairfax to tax improvements to real property at a lower tax rate than that imposed on the land on which the improvements are located by creating a separate classification for taxation purposes. Incorporates HB 2037.

SUMMARY AS PASSED HOUSE:

Classification of real property; land and improvements. Permits the City of Fairfax to tax improvements to real property at a lower tax rate than that imposed on the land on which the improvements are located by creating a separate classification for taxation purposes. Incorporates HB 2037.

SUMMARY AS INTRODUCED:

GOVERNOR'S RECOMMENDATION

Line 12, enrolled, after property

strike

in any city having a population of no less than 19,500 and no greater than 21,500 as determined using the 1990 United States Census

Line 16, enrolled, after city

strike

having a population of no less than 19,500 and no greater than 21,500 as determined using the 1990 United States Census

insert

, county, or town

Line 23, enrolled

strike

lines 23 through 24

GOVERNOR'S VETO

Pursuant to Article V, §6, of the Constitution of Virginia, I veto House Bill 2663 because it establishes a fundamental change in the way property and improvements are taxed in only one locality of Virginia. While pilot programs are an efficient way to test the effectiveness of government programs, taxation of property does not present an appropriate policy of pilots. Should the new system prove to be ineffective or counterproductive or unfair, millions of dollars could have been invested in one locality based on a temporary tax incentive structure.

Tax policy should be stable and based upon thorough study. This tax policy needs further study and examination before being implemented in one locality of Virginia.

Therefore, I am returning House Bill 2663 without my signature.