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

Chief Patron

Sen. Tommy Norment (R-3)

Status

Bill is Dead

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Summary

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.

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