Residential rental apartments; appeal of real property assessments, fair market value. (SB73)

Introduced By

Sen. John Watkins (R-Midlothian)

Progress

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

Description

Assessment of residential rental properties.  Establishes criteria by which an assessor shall determine fair market value for real estate used in whole or in part as residential rental property as defined by ordinance or the locality. Criteria include actual gross income generated, losses due to vacancies, collection losses, and rent concessions as well as actual operating expenses and expenditures. Evidence as to fair market value presented by the property owner shall be considered by the real estate assessor in his property assessment. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/05/2012Prefiled and ordered printed with emergency clause; offered 01/11/12 12103414D
01/05/2012Referred to Committee on Finance
01/20/2012Impact statement from TAX (SB73)
01/25/2012Reported from Finance with substitute (14-Y 0-N 1-A) (see vote tally)
01/25/2012Committee substitute printed 12104695D-S1
01/26/2012Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/27/2012Read second time
01/27/2012Reading of substitute waived
01/27/2012Committee substitute agreed to 12104695D-S1
01/27/2012Engrossed by Senate - committee substitute SB73S1
01/30/2012Read third time and passed Senate (37-Y 3-N) (see vote tally)
02/13/2012Placed on Calendar
02/13/2012Read first time
02/13/2012Referred to Committee on Finance
02/13/2012Assigned Finance sub: #1
02/14/2012Impact statement from TAX (SB73S1)
02/15/2012Subcommittee recommends reporting (10-Y 0-N)
02/20/2012Reported from Finance with substitute (20-Y 0-N) (see vote tally)
02/20/2012Committee substitute printed 12105397D-H1
02/21/2012Read second time
02/22/2012Passed by for the day
02/23/2012Read third time
02/23/2012Committee substitute agreed to 12105397D-H1
02/23/2012Engrossed by House - committee substitute SB73H1
02/23/2012Passed House with substitute BLOCK VOTE (100-Y 0-N)
02/23/2012VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/27/2012House substitute agreed to by Senate (40-Y 0-N) (see vote tally)
02/27/2012Title replaced 12105397D-H1
03/01/2012Enrolled
03/01/2012Bill text as passed Senate and House (SB73ER)
03/01/2012Impact statement from TAX (SB73ER)
03/01/2012Signed by Speaker
03/03/2012Signed by President
04/09/2012G Approved by Governor-Chapter 707 (effective 4/9/12)
04/09/2012G Acts of Assembly Chapter text (CHAP0707)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 4 minutes.

Duplicate Bills

The following bills are identical to this one: SB48.