Real estate tax; limitation on tax rate. (HB897)

Introduced By

Del. Tom Gear (R-Hampton)

Progress

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

Description

Real estate tax; limitation on tax rate. Provides that an annual assessment, biennial assessment or general reassessment of real property may not result in more than a five percent increase in the total real estate tax levies for a county, city or town, with one exception. The bill also provides that a county, city or town may not set its real property tax rate for any tax year at a rate that would produce more than 105 percent of the previous year's total real property tax levies for such county, city or town, with one exception. The exception would allow a locality to set its property tax rate at a rate not to exceed the rate of population growth plus the rate of inflation in the locality for the immediately preceding year. The average tax increase on individuals would not exceed five percent. However, some taxpayers could be above the average while others could fall below the average. Under current law, (i) the annual growth rate in a locality's total real estate taxes from an annual assessment, biennial assessment or general reassessment is not capped, provided the locality holds a public hearing in regard to its real property tax rate; and (ii) there is no cap on real property tax rates. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2006Prefiled and ordered printed; offered 01/11/06 069663304
01/10/2006Referred to Committee on Finance
01/12/2006Fiscal impact statement from TAX (HB897)
01/18/2006Assigned to Finance sub-committee: #1 (Orrock)
01/26/2006Fiscal impact statement from DHCD (HB897)
02/15/2006Left in Finance