Sunday, September 7, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB2753: Real estate tax; tax credit for certain residential property.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 3 of Chapter 32 of Title 58.1 a section numbered 58.1-3228.1 as follows:
§ 58.1-3228.1. Local real property tax credit on certain housing.
A. The local governing body of any county, city, or town may provide, by ordinance, for a local real property tax credit equal to five percent of the property owner's real property tax liability for newly constructed residential housing that is located within one mile of a light or heavy rail station or a bus terminal that serves as a hub for multiple bus lines. The credit shall be available each year for a period not to exceed five years from the date of occupancy to those property owners who purchased their property on or after January 1, 2007.
B. The local property owner shall apply for the credit through the local treasurer's office. The local governing body of any county, city, or town may assess a fee not to exceed $25 for processing an application requesting the credit provided in this section.
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.