Revenue-neutral tax rate; locality to calculate and publish in its budget. (SB219)
Introduced By
Progress
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Introduced |
X |
Passed Committee |
☐ |
Passed House |
√ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Reassessment of real property; publication of revenue-neutral tax rate. Requires a locality to calculate and publish in its budget a revenue-neutral tax rate in years in which real estate in the locality has been reassessed. The revenue-neutral tax rate is calculated for comparison purposes to demonstrate the tax rate that would be required to produce the same amount of revenue in the next fiscal year as if real estate had not been reassessed. Amends § 15.2-2504 (“What budget to show.”), of the Code of Virginia. View Full Text »
Outcome
Bill Has Failed
View Bill's History
