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Virginia bills · 2026 Regular Session

Virginia HB 68

Real property; effect on rate when assessment results in tax increase, consideration of inflation.

  1. Introduced
  2. In committee
  3. Passed House
  4. Passed Senate
  5. To Governor
  6. Became law

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Summary

Official abstract published by the Virginia legislature· SUMMARY AS INTRODUCED

Local taxation of real property; effect on rate when assessment results in tax increase; consideration of inflation. Provides that, in determining a locality's total real property tax levies for purposes of determining the rate of levy that the locality shall impose upon such properties in order to produce no more than 101 percent of the previous year's real property tax levies, such real property assessed value shall be reduced by the greater of (i) the change in the United States Average Consumer Price Index for all items, all urban consumers (CPI-U), as published by the Bureau of Labor Statistics for the U.S. Department of Labor, since the fiscal year of the last assessment or (ii) zero.

Text versions

Roll-call votes

No recorded votes on this bill.

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