Real property tax valuation; fair market value shall be based on non-restricted uses. (HB31)

Introduced By

Del. Bob Marshall (R-Manassas)

Progress

√
 Introduced
X
 Passed Committee
☐
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

Real property tax valuation; property's use restricted by law.  Prohibits attributing any value to any unlawful use of real property when determining fair market value View Full Text »

Outcome

Bill Has Failed

History

  • 12/08/2011 Committee
  • 12/08/2011 Prefiled and ordered printed; offered 01/11/12 12100442D
  • 12/08/2011 Referred to Committee on Finance
  • 01/12/2012 Assigned Finance sub: Subcommittee #1
  • 01/14/2012 Impact statement from TAX (HB31)
  • 02/14/2012 Left in Finance

Comments

VHC Admin writes:

The Virginia Housing Coalition opposes this bill. It could result in higher taxes on affordable rental housing based upon its valuation as "market rate" housing instead of rent / income restricted housing. This would raise rents for low income families or place a cost burden on the owner.

Posted 17 months ago.
Michael writes:

There's no "could" when predicting if this will result in higher taxes.

My house would be worth a whole lot more if I could turn it into a gas station. How long do you think it will be before the City Council realizes this and begins taxing me as if I owned commercial property?

Posted 16 months ago.