Real property tax; determining fair market value of real property owned by a community land trust. (HB590)

Introduced By

Del. Betsy Carr (D-Richmond)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


01/08/2018Prefiled and ordered printed; offered 01/10/18 18100278D
01/08/2018Referred to Committee on Finance
01/16/2018Assigned Finance sub: Subcommittee #1
01/16/2018Impact statement from TAX (HB590)
01/22/2018Referred from Finance
01/22/2018Referred to Committee on Counties, Cities and Towns
01/29/2018Assigned CC & T sub: Subcommittee #2
01/31/2018Subcommittee recommends reporting with amendment (8-Y 0-N)
02/02/2018Reported from Counties, Cities and Towns with amendments (22-Y 0-N) (see vote tally)
02/06/2018Read first time
02/07/2018Read second time
02/07/2018Committee amendments agreed to
02/07/2018Engrossed by House as amended HB590E
02/07/2018Printed as engrossed 18100278D-E
02/08/2018Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/08/2018VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/09/2018Constitutional reading dispensed
02/09/2018Referred to Committee on Finance
02/19/2018Impact statement from TAX (HB590E)
02/21/2018Reported from Finance (14-Y 2-N) (see vote tally)
02/22/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/23/2018Passed by for the day
02/26/2018Read third time
02/26/2018Passed Senate (37-Y 2-N) (see vote tally)
02/28/2018Bill text as passed House and Senate (HB590ER)
02/28/2018Signed by Speaker
03/01/2018Impact statement from TAX (HB590ER)
03/03/2018Signed by President
03/06/2018Enrolled Bill communicated to Governor on March 6, 2018
03/06/2018G Governor's Action Deadline Midnight, April 9, 2018
03/23/2018G Approved by Governor-Chapter 436 (effective 7/1/18)
03/23/2018G Acts of Assembly Chapter text (CHAP0436)


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.


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