SB779: Real estate taxes; assessments, bills, and deferral by localities.

Chief Patron

Sen. Ralph Smith (R-22)

Ralph Smith (R-22)
Roanoke, VA
Served: 2008–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

01/29/2008: Failed to Pass in Committee

View Entire History

Summary

Property taxes; assessments, bills, and deferral.  Requires localities (i) to include the tax rate that will apply to reassessed real property in the notice to taxpayers regarding the reassessment,  (ii) to attach to each property tax bill the tax rate that will apply, the assessed value of the property, the total amount of the new tax levy, the total amount of the prior year's tax levy, and the percentage change in the new tax levy from the immediately prior year's tax levy, and (iii) to permit  taxpayers to defer a portion of the increase in real property taxes on the primary dwelling owned and occupied by the taxpayer until the property is transferred or until the taxpayer's death. The bill has a delayed effective date of January 1, 2009.