Real property taxes; rate of increase. (SB620)

Introduced By

Sen. John Cosgrove (R-Chesapeake)

Progress

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

Description

Real property taxes; rate of increase. Requires the governing body of a locality to hold a referendum before making most increases in their real property tax rate. Under current law, the governing body of a locality is required to limit their real property tax rate to a rate that would collect no more than 101 percent of the amount of real property taxes collected for the previous year. Increases above this rate may only be imposed if the locality holds a public meeting. The bill replaces the public meeting requirement with a requirement that any such increase be approved in a referendum. Read the Bill »

Status

01/13/2022: Awaiting a Vote in the Finance and Appropriations Committee

History

DateAction
01/13/2022Presented and ordered printed 22104159D
01/13/2022Referred to Committee on Finance and Appropriations

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