Real property tax valuation; fair market value shall be based on non-restricted uses. (HB31)
Introduced By
Del. Bob Marshall (R-Manassas)
Progress
✓ |
Introduced |
✗ |
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 Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 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
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.
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?