Partial exemption from real property taxes for flood mitigation efforts. (SB1588)

Introduced By

Sen. Lynwood Lewis (D-Accomac)

Progress

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

Description

Partial exemption from real property taxes for flood mitigation efforts. Codifies an amendment to Article X, Section 6 of the Constitution of Virginia that was adopted by the voters on November 6, 2018, which enables a locality to provide by ordinance a partial exemption from real property taxes for flooding abatement, mitigation, or resiliency efforts for improved real estate that is subject to recurrent flooding. The bill provides that exemptions may only be granted for qualifying flood improvements. Qualifying flood improvements are defined in the bill as improvements that do not increase the size of any impervious area and are made to qualifying structures or to land. Qualifying structures are defined as structures that were completed prior to July 1, 2018 or were completed more than 10 years prior to the completion of the improvements. For improvements made to land, the improvements must be made primarily for the benefit of one or more qualifying structures. No exemption shall be granted for any improvements made prior to July 1, 2018. The locality is granted the authority to (i) establish flood protection standards that qualifying flood improvements must meet in order to be eligible for the exemption; (ii) determine the amount of the exemption; (iii) set income or property value limitations on eligibility; (iv) provide that the exemption shall only last for a certain number of years; (v) determine, based upon flood risk, areas of the locality where the exemption may be claimed; and (vi) establish preferred actions for qualifying for the exemption, including living shorelines. Read the Bill »

Status

01/09/2019: Awaiting a Vote in the Finance Committee

History

DateAction
01/09/2019Prefiled and ordered printed; offered 01/09/19 19103418D
01/09/2019Referred to Committee on Finance
01/13/2019Impact statement from TAX (SB1588)

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