VirginiaReal property tax; classification of land and improvements.
What it does
Real property tax; classification of land and improvements. Reclassifies improvements to real property as a separate class of real property and authorizes any locality to impose a real property tax on improvements to real property at a tax rate that is different than the rate applied to the land on which such improvements are located. Such rate may exceed, equal, or be less than the tax imposed upon the land on which the improvements are located.
More detail
Under current law, such classification is allowed only for the Cities of Fairfax, Poquoson, Richmond, and Roanoke. For the Cities of Fairfax, Richmond, and Roanoke, the rate applied shall not exceed the rate applied to land under current law. The City of Poquoson is currently the only locality authorized to impose a rate in excess of the rate applied to land. The bill applies only to taxable years beginning on and after July 1, 2026.
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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
- Feb 18Left in FinanceLatest
- Jan 20Subcommittee recommends laying on the table (10-Y 0-N)
- Vote recorded Subcommittee recommends laying on the table. Result: pass.Lower
- Jan 19Fiscal Impact statement From TAX (1/19/2026 7:56 pm)
- Jan 17Fiscal Impact statement From TAX (1/17/2026 11:50 am)
- Jan 16Assigned HFIN sub: Subcommittee #2Minor
- 2025
- Dec 19Referred to Committee on FinanceMinor
- Dec 19Prefiled and ordered printed; Offered 01-14-2026 26101669DIntroduced