2025 SESSION

INTRODUCED

25102981D

SENATE BILL NO. 995

Offered January 8, 2025

Prefiled January 7, 2025

A BILL to amend the Code of Virginia by adding in Chapter 8 of Title 36 a section numbered 36-140.02, relating to Department of Housing and Community Development; Task Force on Property Appraisal and Valuation Equity.

—————

Patron—Williams Graves

—————

Referred to Committee on Rules

—————

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 8 of Title 36 a section numbered 36-140.02 as follows:

§ 36-140.02. Task Force on Property Appraisal and Valuation Equity.

A. There is hereby created the Task Force on Property Appraisal and Valuation Equity (the Task Force), which shall consist of (i) the Director or his designee; (ii) the Secretary of Commerce and Trade or his designee; (iii) the Tax Commissioner or his designee; (iv) one attorney employed within the Department of Law's Consumer Protection Unit, to be appointed by the Attorney General; (v) one arbitrator or mediator, to be appointed by the Chief Justice of the Supreme Court of Virginia; (vi) two real estate appraisers, to be appointed by the Governor, (vii) two representatives of the banking industry, one to be appointed by the Speaker of the House of Delegates and one to be appointed by the Senate Committee on Rules; (viii) six members to be appointed by the Speaker of the House of Delegates, including one representative of the Virginia Municipal League, one representative of the Virginia Association of Realtors, and four nonlegislative citizen members of the Commonwealth; and (ix) six members to be appointed by the Senate Committee on Rules, including one representative of the Virginia Association of Counties, one representative of the Home Builders Association of Virginia, and four nonlegislative citizen members of the Commonwealth. The Task Force shall annually elect a chairman from among its members.

B. The members of the Task Force shall serve without compensation but shall be reimbursed for all reasonable and necessary expenses incurred in the discharge of their duties as provided in § 2.2-2825.

C. The Department shall provide assistance to the Task Force in the undertaking of its responsibilities.

D. The purpose of the Task Force is to study the misvaluation and undervaluation of real property owned by minority individuals, as defined in § 2.2-1604, to combat bias in real property appraisal and valuation.

E. The Task Force shall address the persistent misvaluation and undervaluation of real property owned by minority individuals, as defined in § 2.2-1604, by:

1. Studying strategies and actions to:

a. Help ensure that governmental oversight and real property appraisal and valuation industry standards and practices further real property appraisal and valuation equity;

b. Increase the training of real estate appraisers to combat valuation bias;

c. Remove barriers to entry into the real estate appraisal profession by minority individuals;

d. Assist in the development of a model for a meaningful reconsideration of the real estate valuation process; and

e. Reduce or eliminate bias related to automated real estate valuation models and alternative real estate valuation methods; and

2. Identifying legislative or other policy recommendations that will provide a comprehensive and coordinated approach for reducing bias in real estate valuation through enforcement, compliance, or other methods.

F. The Task Force shall meet at least annually and upon call of the chairman and shall submit a report to the Governor and General Assembly by December 1 of each year regarding its activities and any recommendations.

2. That the provisions of this act shall expire on July 1, 2028.