HB 1561: Classification of land and improvements for tax purposes; localities.

Official summary

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

Classification of land and improvements for tax purposes; localities. 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 is required to be less than 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, 2025.

Sponsors

Sponsors by party (alphabetical): Democratic 1 · 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 4, 2025Left in Finance
2. January 20, 2025Subcommittee recommends laying on the table (5-Y 3-N)
3. January 17, 2025Assigned Finance sub: Subcommittee #1
4. January 11, 2025Impact statement from TAX (HB1561)
5. December 14, 2024Referred to Committee on Finance
6. December 14, 2024Prefiled and ordered printed; Offered 01-08-2025 25100558D