VirginiaReal property tax; special assessment on basis of use, notice requirements.
What it does
Real property tax; special assessment for land use; notice requirements; civil penalty. Establishes notice requirements for the sale of real estate that is valued, assessed, and taxed by a locality under a special assessment on the basis of use. The bill directs the Department of Taxation to create a written notice that may be provided to the purchaser of real estate in a land use program.
More detail
The notice must include disclosures regarding the special classification of the real estate and liability for roll-back taxes if a change in use occurs. The bill also requires settlement agents to provide this written notice to purchasers of real estate in a land use program and to obtain the purchaser's written acknowledgement of receipt of the notice. The willful failure of a settlement agent to provide the notice and obtain the written acknowledgement will subject the settlement agent to a civil penalty in an amount not exceeding $250. The bill directs the Real Estate Board to include in the residential property disclosure statement on its website a statement that the owner makes no representations or warranties with respect to whether the property is located in a locality that has adopted a land-use plan that may provide use value assessment and taxation for certain real estate and that advises purchasers to exercise due diligence to determine whether the property may be subject to roll-back taxes and interest for taxation on the basis of a use assessment and the liability for additional taxes and penalties that may attach if a change in use occurs. Finally, the bill has a delayed effective date of January 1, 2027. This bill is identical to SB 649.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 6Acts of Assembly Chapter text (CHAP0308)Latest
- Apr 6Approved by Governor Abigail Spanberger-Chapter 308 (effective 7/1/2026)Became Law
- Mar 12Fiscal Impact statement From TAX (3/12/2026 9:03 am)
- Mar 10Governor's Action Deadline 11:59 p.m., April 13, 2026To Governor
- Mar 10Enrolled Bill communicated to Governor on March 10, 2026Minor
- Mar 4Signed by PresidentMajor
- Mar 4Signed by SpeakerMajor
- Mar 4Bill text as passed House and Senate (HB1358ER)Major
- Mar 4EnrolledMinor
- Feb 27Passed Senate (37-Y 0-N 0-A)Passed Senate
- Vote recorded Passage R. Result: pass.Upper
- Feb 27Read third timeMinor
- Feb 26Passed by for the day Block Vote (Voice Vote)
- Vote recorded Constitutional reading dispensed (on 2nd reading). Result: pass.Upper
- Feb 26Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)
- Feb 26Rules suspended
- Feb 25Reported from Finance and Appropriations (14-Y 0-N)Minor
- Vote recorded Reported from Finance and Appropriations. Result: pass.Upper
- Feb 18Fiscal Impact statement From TAX (2/18/2026 6:29 pm)
- Feb 11Referred to Committee on Finance and AppropriationsMinor
- Feb 11Constitutional reading dispensed (on 1st reading)
- Feb 10Read third time and passed House (98-Y 0-N 0-A)Passed House
- Vote recorded H VOTE:. Result: pass.Lower
- Feb 9Engrossed by House - committee substituteMajor
- Feb 9committee substitute agreed toMajor
- Feb 9Read second timeMinor
- Feb 6Read first timeMinor
- Feb 4Committee substitute printed 26106641D-H1Major
- Vote recorded Reported from Finance with substitute. Result: pass.Lower
- Feb 4Reported from Finance with substitute (22-Y 0-N)Minor
- Feb 3Subcommittee recommends reporting with substitute (10-Y 0-N)Major
- Vote recorded Subcommittee recommends reporting with substitute. Result: pass.Lower
- Feb 3House subcommittee offered
- Feb 3Assigned HFIN sub: Subcommittee #2Minor
- Jan 31Fiscal Impact statement From TAX (1/31/2026 7:06 pm)
- Jan 19Referred to Committee on FinanceMinor
- Jan 19Presented and ordered printed 26105572DIntroduced