VirginiaReal property tax; special assessment for land preservation.
What it does
Real property tax; special assessment for land preservation. Allows a locality to provide for the use value assessment and taxation of qualifying leased real estate. Qualifying leased real estate is defined in the bill as real estate devoted to open-space use that is subject to an active lease with a lessor who is using the property for agricultural purposes.
More detail
The taxpayer seeking to qualify for the different assessment of any such qualifying leased real estate must apply to the commissioner of the revenue and provide any documentation necessary to determine eligibility.
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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
- Feb 4Left in FinanceLatest
- Jan 24Assigned Finance sub: Subcommittee #1Minor
- Jan 23Impact statement from TAX (HB2449)
- Jan 8Referred to Committee on FinanceMinor
- Jan 8Prefiled and ordered printed; Offered 01-08-2025 25104186DIntroduced