HB 10: Real property tax; classification of land and improvements.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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. 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.

Sponsors

Sponsors by party (alphabetical): Republican 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. February 18, 2026Left in Finance
2. January 20, 2026Subcommittee recommends laying on the table (10-Y 0-N)
3. January 19, 2026Fiscal Impact statement From TAX (1/19/2026 7:56 pm)
4. January 17, 2026Fiscal Impact statement From TAX (1/17/2026 11:50 am)
5. January 16, 2026Assigned HFIN sub: Subcommittee #2
6. December 19, 2025Referred to Committee on Finance
7. December 19, 2025Prefiled and ordered printed; Offered 01-14-2026 26101669D