Residential rental properties; appeal of real property assessments, fair market value. (HB1073)

Introduced By

Del. Tim Hugo (R-Centreville)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


01/11/2012Prefiled and ordered printed with emergency clause; offered 01/11/12 12103412D
01/11/2012Referred to Committee on Finance
01/20/2012Assigned Finance sub: #1
01/21/2012Impact statement from TAX (HB1073)
02/06/2012Subcommittee recommends laying on the table
02/08/2012Reported from Finance with substitute (22-Y 0-N) (see vote tally)
02/08/2012Committee substitute printed 12105130D-H1
02/10/2012Read first time
02/13/2012Read second time
02/13/2012Committee substitute agreed to 12105130D-H1
02/13/2012Engrossed by House - committee substitute HB1073H1
02/14/2012Read third time and passed House (100-Y 0-N)
02/14/2012VOTE: PASSAGE EMERGENCY (100-Y 0-N) (see vote tally)
02/15/2012Constitutional reading dispensed
02/15/2012Referred to Committee on Finance
02/20/2012Impact statement from TAX (HB1073H1)
02/29/2012Reported from Finance (14-Y 0-N) (see vote tally)
03/01/2012Constitutional reading dispensed (39-Y 0-N) (see vote tally)
03/02/2012Read third time
03/02/2012Passed Senate (39-Y 0-N) (see vote tally)
03/08/2012Bill text as passed House and Senate (HB1073ER)
03/08/2012Impact statement from TAX (HB1073ER)
03/08/2012Signed by Speaker
03/09/2012Signed by President
04/04/2012G Approved by Governor-Chapter 536 (effective 4/4/12)
04/04/2012G Acts of Assembly Chapter text (CHAP0536)