Real property tax classifications and homestead exemption program; joint subcommittee to study. (SJ393)

Introduced By

Sen. Tommy Norment (R-Williamsburg) with support from co-patron Del. Melanie Rapp (R-Yorktown)

Progress

Introduced
Passed Committee
Passed House
Passed Senate

Description

Study; real property tax. Establishes a joint subcommittee to study the feasibility of multiple real property tax classifications; specifically, separate tax treatment for residential, agricultural, and commercial real property and a homestead exemption program. Created for two years, the eight-member joint subcommittee will examine: (i) the practices of other states that allow different tax rates for different classes of real property or provide a homestead exemption program for an owner-occupied principal residence; (ii) whether separate tax rate classes or a homestead exemption program would improve the real property tax and its equity; (iii) the advantages and disadvantages of these options; and (iv) whether Virginia should implement either or both of these programs. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2007Prefiled and ordered printed; offered 01/10/07 071953780
01/10/2007Referred to Committee on Rules