VirginiaReal property tax; assessment of affordable rental housing.
What it does
Real property tax; assessment of affordable rental housing. Directs the Department of Taxation to develop a uniform income and expense reporting form that may be provided by duly authorized assessors and completed by the owners of affordable rental housing properties prior to assessment of such affordable rental housing properties. The bill provides that the duly authorized real estate assessor charged with determining the fair market value of affordable rental housing shall use the income approach when such housing generates income unless certain information is not provided by the property owner.
More detail
The bill specifies that the foregoing provisions shall become effective for assessments beginning on or after January 1, 2026. Finally, the bill directs the Department to develop, in consultation with a stakeholder group, the uniform income and expense reporting form no later than September 1, 2025, and directs the Department to provide by November 1, 2025, a letter to the Chairs of the Senate Committee on Finance and Appropriations and the House Committee on Finance with an update on the development of such form and implementation of training for assessing officials and contracted assessors on the assessment of affordable rental housing.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 24Acts of Assembly Chapter text (CHAP0456)Latest
- Mar 24Approved by Governor Glenn Youngkin-Chapter 456 (Effective 07/01/25)Became Law
- Mar 3Governor's Action Deadline 11:59 p.m., March 24, 2025To Governor
- Mar 3Enrolled Bill communicated to Governor on March 3, 2025Minor
- Feb 20Signed by PresidentMajor
- Feb 17Signed by SpeakerMajor
- Feb 17Impact statement from TAX (HB2245)
- Feb 17Bill text as passed House and Senate (HB2245ER)Major
- Feb 17EnrolledMinor
- Feb 12Passed Senate (35-Y 4-N)Passed Senate
- Vote recorded Passed Senate (35-Y 4-N). Result: pass.Upper
- Feb 12Read third timeMinor
- Feb 11Passed by for the day
- Vote recorded Reported from Finance and Appropriations (15-Y 0-N). Result: pass.Upper
- Vote recorded Constitutional reading dispensed (on 2nd reading) (40-Y 0-N). Result: pass.Upper
- Feb 11Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
- Feb 11Rules suspended
- Feb 11Reported from Finance and Appropriations (15-Y 0-N)Minor
- Feb 6Impact statement from TAX (HB2245)
- Feb 5Referred to Committee on Finance and AppropriationsMinor
- Feb 5Constitutional reading dispensed (on 1st reading)
- Feb 4Read third time and passed House (74-Y 25-N)Passed House
- Vote recorded Read third time and passed House (74-Y 25-N). Result: pass.Lower
- Feb 3Engrossed by House - committee substituteMajor
- Feb 3Finance Substitute agreed to
- Feb 3Read second timeMinor
- Jan 31Read first timeMinor
- Jan 29Committee substitute printed 25106399D-H1Major
- Vote recorded Reported from Finance with substitute (15-Y 7-N). Result: pass.Lower
- Jan 29Reported from Finance with substitute (15-Y 7-N)Minor
- Jan 27Subcommittee recommends reporting with substitute (5-Y 3-N)Major
- Vote recorded Subcommittee recommends reporting with substitute (5-Y 3-N). Result: pass.Lower
- Jan 24Assigned Finance sub: Subcommittee #1Minor
- Jan 21Impact statement from TAX (HB2245)
- Jan 7Referred to Committee on FinanceMinor
- Jan 7Prefiled and ordered printed; Offered 01-08-2025 25104430DIntroduced