Virginia HB 1167

Public school funding; composite index of local ability-to-pay; calculation; exclusion of certain exempt property. Provides that on and after July 1, 2026, the calculation for the composite index of local ability-to-pay for each school division, after determining and weighting the true value of real property, adjusted gross income, and taxable retail sales in such school division, shall exclude the value of any real property within the school division that is exempt from real property tax due to its ownership by either (i) a veteran who has a 100 percent service-connected, permanent, and total disability or (ii) a surviving spouse of a member of the armed forces who died in the line of duty, before adjusting each school division's share to maintain an overall statewide local share of 45 percent and an overall state share of 55 percent.