2025 SESSION

INTRODUCED

25100558D

HOUSE BILL NO. 1561

Offered January 8, 2025

Prefiled December 14, 2024

A BILL to amend and reenact § 58.1-3221.1 of the Code of Virginia, relating to classification of land and improvements for tax purposes; localities.

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Patron—McNamara

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Committee Referral Pending

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Be it enacted by the General Assembly of Virginia:

1. That § 58.1-3221.1 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-3221.1. Classification of land and improvements for tax purposes.

A. In the Cities of Fairfax, Poquoson, Richmond, and Roanoke all localities, improvements to real property are declared to be a separate class of property and shall constitute a separate classification for local taxation of real property.

B. The governing body of the City of Fairfax, the City of Richmond, and the City of Roanoke any locality, after giving public notice and an opportunity for the public to be heard in the manner provided in § 58.1-3007, may levy a tax on the property enumerated in subsection A at a different rate than the tax imposed upon the land on which it is located, provided that the rate of tax on the property described in subsection A shall not be zero and shall not exceed the rate of tax on the land on which it is located.

C. Nothing in this section shall be construed to permit the City of Fairfax, Poquoson, Richmond, or Roanoke a locality to alter in any way its valuation of real property covered by this section.

2. That the provisions of this act shall apply only to taxable years beginning on and after July 1, 2025.