Real estate tax; limitation on rates by localities. (HB74)

Introduced By

Del. Bob Purkey (R-Virginia Beach) with support from co-patron Del. Jeff Frederick (R-Woodbridge)

Description

Real estate tax rates. Requires each locality to lower its real estate tax rate for the forthcoming tax year to produce no more than the previous year's real property tax levies when any annual assessment, biennial assessment, or general reassessment of real property by the locality would result in an increase in the total real property tax levied. The locality may increase the rate above the reduced rate after a public hearing held no sooner than 30 days after the rate reduction. The bill has a delayed effective date of January 1, 2009.   View Full Text »

Outcome

4 votes