Assessment rates; notification for increase. (SB1063)

Introduced By

Sen. Nick Rerras (R-Norfolk)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Real estate tax; limitation on tax rate. Provides that a county, city, or town may not set its real property tax 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. 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 »


04/10/2007: signed by governor


01/09/2007Prefiled and ordered printed; offered 01/10/07 072140804
01/09/2007Referred to Committee on Finance
01/17/2007Impact statement from TAX (SB1063)
01/31/2007Committee substitute printed 071687804-S1
02/01/2007Constitutional reading dispensed (39-Y 0-N)
02/01/2007VOTE: (39-Y 0-N) (see vote tally)
02/02/2007Read second time
02/02/2007Reading of substitute waived
02/02/2007Committee substitute agreed to 071687804-S1
02/02/2007Engrossed by Senate - committee substitute SB1063S1
02/05/2007Read third time and passed Senate (39-Y 0-N)
02/05/2007VOTE: (39-Y 0-N) (see vote tally)
02/05/2007Communicated to House
02/06/2007Impact statement from TAX (SB1063S1)
02/06/2007Placed on Calendar
02/06/2007Read first time
02/06/2007Referred to Committee on Finance
02/12/2007Reported from Finance (17-Y 1-N) (see vote tally)
02/13/2007Read second time
02/14/2007Read third time
02/14/2007Passed House (92-Y 4-N)
02/20/2007Bill text as passed Senate and House (SB1063ER)
02/21/2007Signed by Speaker
02/22/2007Signed by President
02/26/2007Impact statement from TAX (SB1063ER)
03/26/2007Governor's recommendation received by Senate
04/03/2007Placed on Calendar
04/04/2007Signed by President as reenrolled
04/04/2007Signed by Speaker as reenrolled
04/04/2007Enacted, Chapter (effective 7/1/07)
04/04/2007House rejected Governor's recommendation (35-Y 63-N)
04/04/2007VOTE: ADOPTION (35-Y 63-N) (see vote tally)
04/04/2007Communicated to Governor
04/10/2007G Approved by Governor-Chapter 948 (effective 7/1/07)
04/12/2007G Acts of Assembly Chapter text (CHAP0948)