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2007 SESSION

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SJ 393 Real property tax classifications and homestead exemption program; joint subcommittee to study.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Study; real property tax.  Establishes a joint subcommittee to study the feasibility of multiple real property tax classifications; specifically, separate tax treatment for residential, agricultural, and commercial real property and a homestead exemption program.  Created for two years, the eight-member joint subcommittee will examine: (i) the practices of other states that allow different tax rates for different classes of real property or provide a homestead exemption program for an owner-occupied principal residence; (ii) whether separate tax rate classes or a homestead exemption program would improve the real property tax and its equity; (iii) the advantages and disadvantages of these options; and (iv) whether Virginia should implement either or both of these programs.

FULL TEXT

• 01/10/07  Senate: Prefiled and ordered printed; offered 01/10/07 071953780  pdf

HISTORY

• 01/10/07  Senate: Prefiled and ordered printed; offered 01/10/07 071953780
• 01/10/07  Senate: Referred to Committee on Rules
• 02/06/07  Senate: Left in Rules