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2007 SESSION

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SB 1063 Assessment rates; notification for increase.

Introduced by: Nick Rerras | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Real estate tax; limitation on tax rate.  Increases from seven to 30 days the minimum notice that a locality must give the public of a public hearing in which the locality proposes to increase its total real estate tax levies more than 101% of the prior year's tax levies, and requires that such notice be posted in the building where the governing body of the locality ordinarily meets, as well as in a newspaper.

SUMMARY AS PASSED SENATE:

Real estate tax; limitation on tax rate.  Increases from seven to 30 days the minimum notice that a locality must give the public of a public hearing in which the locality proposes to increase its total real estate tax levies more than 101% of the prior year's tax levies, and requires that such notice be posted in the building where the governing body of the locality ordinarily meets, as well as in a newspaper.

SUMMARY AS INTRODUCED:

Real estate tax; limitation on tax rate.  Provides that a county, city, or town may not set its real property tax for any tax year at a rate that would produce more than 105 percent of the previous year's total real property tax levies for such county, city, or town.

Under current law, (i) the annual growth rate in a locality's total real estate taxes from an annual assessment, biennial assessment or general reassessment is not capped, provided the locality holds a public hearing in regard to its real property tax rate; and (ii) there is no cap on real property tax rates.