Real property; establishes separate classes for purposes of taxation rates. (HB1730)

Introduced By

Sen. Kenneth Alexander (D-Norfolk)

Progress

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

Description

Classification of taxable real property. Permits localities to tax residential property at a lower tax rate than that imposed on the general class of real property by creating a separate classification for taxation purposes. If a locality imposes a lower tax rate on residential property, then thereafter the locality shall not increase the rate of taxation on the general class of real property. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/22/2006Committee
12/22/2006Prefiled and ordered printed; offered 01/10/07 071915208
12/22/2006Referred to Committee on Finance
01/10/2007Assigned Finance sub: #2 (Purkey)
01/16/2007Impact statement from TAX (HB1730)