SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2006 SESSION
HB 815 Standards of Quality; modify current funding formula and calculation of composit index.
Introduced by: Joe T. May | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Education; computation of composite index. Requires the General Assembly to modify the current Standards of Quality (SOQ) funding formula and calculation of composite index of local ability to pay that determines each locality's ability to pay for its share of providing an educational program meeting the prescribed SOQ to incorporate within the real estate indicator of local wealth the land-use taxation value for those properties within a land-use plan.
Localities may adopt land-use plans and provide for the use value assessment and taxation of certain properties, such as those designated for agricultural, horticultural, forest, or open-space use.
The current composite index of local ability to pay incorporates the "true value" of real property (rather than any special use assessed values) weighted 50%, with adjusted gross income weighted at 40%, and taxable retail sales weighted at 10%, as indicators of local wealth.
FULL TEXT
HISTORY
- 01/10/06 House: Prefiled and ordered printed; offered 01/11/06 063648400
- 01/10/06 House: Referred to Committee on Education
- 02/15/06 House: Left in Education