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.
1998 SESSION
985968430Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Chapter 30 of Title 58.1 a section numbered 58.1-3019 as follows:
§ 58.1-3019. Property tax rate reduction.
Funding in the general appropriations act for the Personal Property Tax Relief Program shall be appropriated through the general appropriations act to each locality on a per capita basis beginning in fiscal year 1999. In return for the appropriation, each locality shall develop a plan to reduce its real estate tax rate, its personal property tax or both, in proportion to the expected appropriation. The plans shall be submitted by June 1 prior to the fiscal year for which the funds are sought to the Secretary of Finance for approval. Once the plans are approved, the Secretary shall notify the State Treasurer who shall then release the funds to the localities after July 1, 1998, and each year thereafter as money is appropriated.
When the Personal Property Tax Program is fully funded, the amount appropriated each fiscal year shall increase or decrease in proportion to the increase or decrease in revenue growth for the previous fiscal year.