Saturday, September 6, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB2507: Real estate tax; assessments.
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-3280 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3280. Assessment of values; low income housing credits.
A. Every assessor or appraiser so designated under this chapter shall, as soon as practicable after being so designated, proceed to ascertain and assess the fair market value of all lands and lots assessable by them, with the improvements and buildings thereon; however, neither federal nor state income tax credits for low income housing may be taken into consideration with respect to determining the fair market value of such real property. They shall make a physical examination thereof if required by the taxpayer, and in all other cases where they deem it advisable. For real property that has deed restrictions in effect that promote or provide for low income housing, the income production method of valuation shall be used by the assessor or appraiser.
B. For purposes of this section, "low income housing" means housing intended for occupancy by households with incomes not exceeding 80 percent of area median income, adjusted for household size, as determined by the United States Department of Housing and Urban Development.
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.