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2002 SESSION

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SB 253 Real estate tax; assessments.

Introduced by: Kevin G. Miller | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Real estate tax; assessments. Provides that assessments of personal residences shall not increase if the residence is used exclusively and continuously as the primary personal residence of the owner or the owner's spouse, provided that the assessed value of the real estate shall be increased by the fair market value of any improvement, renovation, or reconstruction made by the owner or the owner's spouse. The bill also provides several different measures and procedures for determining the assessed value of real estate for tax purposes, each of which would provide a different result from fair market value. The bill's provisions are effective January 1, 2005, only if the voters of Virginia have ratified a constitutional amendment providing that the General Assembly may prescribe a measure or process other than fair market value to be used for the assessment of personal residences.

FULL TEXT

• 01/09/02  Senate: Presented & ordered printed, prefiled 01/08/02 023102476  pdf | impact statements

HISTORY

• 01/09/02  Senate: Presented & ordered printed, prefiled 01/08/02 023102476
• 01/09/02  Senate: Referred to Committee on Finance
• 02/13/02  Senate: Continued to 2003 in Finance by voice vote