Real estate taxes; classifies affordable rental housing. (SB299)
Introduced By
Sen. Mary Margaret Whipple (D-Arlington)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Real property taxes; affordable rental housing. Classifies as affordable rental housing (i) real property operated as affordable rental housing for each of the 12 months of the most recently ended tax year in accordance with the definition of or criteria for affordable rental housing established by the locality, provided that during such year all building code violations have been abated or remedied, or (ii) real property with one or more of such units designated by the locality as committed for affordable rental housing. Under current law, rent restrictions and restrictions on conveyances of affordable rental housing are taken into consideration in determining fair market value. Amends § 58.1-3295 (“Assessment of real property; affordable housing.”), of the Code of Virginia. View Full Text »
