VA HB1749 | 2023 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 9 2023 - 25% progression, died in committee
Action: 2023-02-07 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

Real property taxes; rate of increase procedure. Provides that a governing body of a locality may increase the real property tax rate (i) by an amount lower than three percent through a public hearing and a majority vote of the governing body; (ii) by an amount of three percent or more, but lower than five percent, through a public hearing and a two-thirds majority vote of the governing body; and (iii) by an amount of five percent or more through holding a referendum. The bill provides that the governing body of a locality may not hold a public hearing for a proposed rate increase on the same day as the annual budget hearing. Under current law, the governing body of a locality is required to limit the real property tax rate to a rate that would collect no more than 101 percent of the amount of real property taxes collected for the previous year, and increases above this rate may only be imposed if the locality holds a public hearing. Real property taxes; rate of increase procedure. Provides that a governing body of a locality may increase the real property tax rate (i) by an amount lower than three percent through a public hearing and a majority vote of the governing body; (ii) by an amount of three percent or more, but lower than five percent, through a public hearing and a two-thirds majority vote of the governing body; and (iii) by an amount of five percent or more through holding a referendum. The bill provides that the governing body of a locality may not hold a public hearing for a proposed rate increase on the same day as the annual budget hearing. Under current law, the governing body of a locality is required to limit the real property tax rate to a rate that would collect no more than 101 percent of the amount of real property taxes collected for the previous year, and increases above this rate may only be imposed if the locality holds a public hearing.

Tracking Information

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Title

Real property taxes; rate of increase procedure.

Sponsors


History

DateChamberAction
2023-02-07HouseLeft in Finance
2023-01-19HouseAssigned Finance sub: Subcommittee #2
2023-01-09HouseReferred to Committee on Finance
2023-01-09HousePrefiled and ordered printed; offered 01/11/23 23104015D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
5813321(n/a)See Bill Text

Virginia State Sources


Bill Comments

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