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2024 SESSION
HB 262 Land and improvements; classification for tax purposes.
Introduced by: Joseph P. McNamara | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Classification of land and improvements for tax purposes; localities. Reclassifies improvements to real property located in any locality as a separate class of real property and authorizes any locality to impose a real property tax on improvements to real property at a rate of tax that is different than, but does not exceed, the general real property rate and is not zero. Under current law, such classification is allowed only for the Cities of Fairfax, Poquoson, Richmond, and Roanoke and such authorization is limited to the Cities of Fairfax, Richmond, and Roanoke. Under current law and under the bill, the City of Poquoson remains authorized to impose a real property tax at a different rate than the tax imposed upon the land on which it is located that is not zero, but such rate may exceed the general real property rate.
FULL TEXT
HISTORY
- 01/05/24 House: Prefiled and ordered printed; offered 01/10/24 24101438D
- 01/05/24 House: Referred to Committee on Finance
- 01/16/24 House: Assigned Finance sub: Subcommittee #2
- 01/23/24 House: Subcommittee recommends striking from docket (8-Y 0-N)
- 02/13/24 House: Left in Finance