Real property tax; determining fair market value of real property owned by a community land trust. (HB590)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Real property tax; assessment or exemption of property conveyed or owned by a community land trust. Requires the assessor, in determining the fair market value of structural improvements conveyed by a community land trust, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase such structural improvements at a price determined by a formula that is designed to ensure that the improvements remain affordable to low-income and moderate-income families in perpetuity, to consider (i) certain restrictions on the price at which the improvements may be sold and (ii) the amount of loans of the owner of the improvements as evidenced by a deed of trust or leasehold deed of trust on the improvements or underlying real property owned by the community land trust and that earns no interest and requires no repayment prior to satisfaction of any interest-earning promissory note or a subsequent transfer of the property, whichever comes first. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/08/2018 | Committee |
01/08/2018 | Prefiled and ordered printed; offered 01/10/18 18100278D |
01/08/2018 | Referred to Committee on Finance |
01/16/2018 | Assigned Finance sub: Subcommittee #1 |
01/16/2018 | Impact statement from TAX (HB590) |
01/22/2018 | Referred from Finance |
01/22/2018 | Referred to Committee on Counties, Cities and Towns |
01/29/2018 | Assigned CC & T sub: Subcommittee #2 |
01/31/2018 | Subcommittee recommends reporting with amendment (8-Y 0-N) |
02/02/2018 | Reported from Counties, Cities and Towns with amendments (22-Y 0-N) (see vote tally) |
02/06/2018 | Read first time |
02/07/2018 | Read second time |
02/07/2018 | Committee amendments agreed to |
02/07/2018 | Engrossed by House as amended HB590E |
02/07/2018 | Printed as engrossed 18100278D-E |
02/08/2018 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
02/08/2018 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
02/09/2018 | Constitutional reading dispensed |
02/09/2018 | Referred to Committee on Finance |
02/19/2018 | Impact statement from TAX (HB590E) |
02/21/2018 | Reported from Finance (14-Y 2-N) (see vote tally) |
02/22/2018 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/23/2018 | Passed by for the day |
02/26/2018 | Read third time |
02/26/2018 | Passed Senate (37-Y 2-N) (see vote tally) |
02/28/2018 | Enrolled |
02/28/2018 | Bill text as passed House and Senate (HB590ER) |
02/28/2018 | Signed by Speaker |
03/01/2018 | Impact statement from TAX (HB590ER) |
03/03/2018 | Signed by President |
03/06/2018 | Enrolled Bill communicated to Governor on March 6, 2018 |
03/06/2018 | G Governor's Action Deadline Midnight, April 9, 2018 |
03/23/2018 | G Approved by Governor-Chapter 436 (effective 7/1/18) |
03/23/2018 | G Acts of Assembly Chapter text (CHAP0436) |
Video
This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 32 seconds.
Transcript
This is a transcript of the video clips in which this bill is discussed.
house, house bill 590 requires local property assessors to take into account any restrictions on the resale price of a home when coming up with the assessed value in order to ensure that affordable housing has been constructed or to be constructed can remain affordable in perpetuity. I move that we engross and pass to the third reading. next up, house bill 591. House bill 591, a bill to amend and reenact a section of the code of virginia, relating to real property tax; exemption for certain leasehold interests held