Affordable housing units; assessments. (HB233)
Introduced By
Del. Rosalyn Dance (D-Petersburg) with support from co-patrons Del. Charniele Herring (D-Alexandria), Del. Danny Marshall (R-Danville), and Del. Luke Torian (D-Woodbridge)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Assessments for affordable housing units. Determines that capitalization rates for valuation shall not be reduced for affordable housing units, and that the taxpayer shall have the burden of proof by a preponderance of the evidence to determine that the valuation is erroneous. Assessments on affordable rental housing shall be deemed presumptively correct for two years or the remainder of the assessment cycle, whichever occurs first. This bill is a recommendation of the Virginia Housing Commission. Amends § 58.1-3295 (“Assessment of real property; affordable housing.”), § 58.1-3381 (“Action of board; notice required before increase made.”), of the Code of Virginia. View Full Text »
