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2011 SESSION
HB 1532 Tax administration, local; special commissioner to execute title to real estate in certain cities.
Introduced by: Algie T. Howell, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Local tax administration; special commissioner to execute title to real estate. Lowers the threshold percentage of taxes and liens together on property from 50 percent to 35 percent of the assessed value of the parcel and, if only taxes, from 25 percent to 15 percent of the assessed value of the parcel in order to allow more properties to be conveyed to the cities of Hopewell, Newport News, Norfolk, Petersburg, and Richmond in lieu of a public sale at auction.
SUMMARY AS INTRODUCED:
Local tax administration; special commissioner to execute title to real estate. Lowers the threshold percentage of taxes and liens together on property from 50 percent to 20 percent of the assessed value of the parcel and, if only taxes, from 25 percent to 10 percent of the assessed value of the parcel in order to allow more properties to be conveyed to the locality in lieu of a public sale at auction.