Friday, September 5, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB155: Residential property; permits localities to tax at a lower rate.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered § 58.1-3221.2 as follows:
§ 58.1-3221.2. Classification of residential real property for tax purposes.
Residential property, as defined in § 6.1-409, is hereby declared to be a separate class of property and shall constitute a classification for local taxation separate from other classifications of real property. The governing body of any county, city or town may, by ordinance, levy a tax on such residential property at a different rate from the tax levied on other real property. The rate of tax imposed by any county, city or town on such residential property shall not exceed that applicable to the general class of real property. Nothing in § 6.1-409 or in this section shall be construed to include commercial real estate, as defined in § 55-526, within the definition of residential property.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.