→
Previous
Latest
SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY –– CHAPTER E An Act to amend and reenact § 58.1-3321 of the Code of Virginia, relating to real property taxes;
VIRGINIA ACTS OF ASSEMBLY -- 2022 SESSION CHAPTER 29 An Act to amend and reenact § 58.1-3321 of the Code of Virginia, relating to real property taxes;
R O [H 1010] Approved L L Be it enacted by the General Assembly of Virginia:
[H 1010] Approved March 11, 2022 Be it enacted by the General Assembly of Virginia:
E § 58.1-3321.
§ 58.1-3321.
D refA.
referendum.
When any annual assessment, biennial assessment, or general reassessment of real property by a county, city, or town would result in an increase of one percent or more in the total real property tax levied, such county, city, or town shall reduce its rate of levy for the forthcoming tax year so as to cause such rate of levy to produce no more than 101 percent of the previous year's real property tax levies, unless subsection B is complied with, which rate shall be determined by multiplying the previous year's total real property tax levies by 101 percent and dividing the product by the forthcoming tax year's total real property assessed value.
A.
An additional assessment or reassessment due to the H construction of new or other improvements, including those improvements and changes set forth i1 meaning of this section, nor shall the assessed value of such improvements be included in calculating the new tax levy for purposes of this section.
When any annual assessment, biennial assessment, or general reassessment of real property by a county, city, or town would result in an increase of one percent or more in the total real property tax levied, such county, city, or town shall reduce its rate of levy for the forthcoming tax year so as to levies, unless subsection B is complied with, which rate shall be determined by multiplying the previous year's total real property tax levies by 101 percent and dividing the product by the forthcoming tax year's total real property assessed value.
An additional assessment or reassessment due to the construction of new or other improvements, including those improvements and changes set forth in § 58.1-3285, to the property shall not be an annual assessment or general reassessment within the meaning of this section, nor shall the assessed value of such improvements be included in calculating the new tax levy for purposes of this section.
R B.
B.
Notice of the any public hearing held pursuant to this section shall be given at least 30 days before the date of such hearing by the publication of a notice in (i) at least one newspaper of general posted in the building where the governing body of the county, city, or town regularly conducts itsrly business, except that such notice shall be given at least 14 days before the date of such hearing in any year in which neither a general appropriation act nor amendments to a general appropriation act providing appropriations for the immediately following fiscal year have been enacted by April 30 of such year.
Notice of the any public hearing held pursuant to this section shall be given at least 30 days before the date of such hearing by the publication of a notice in (i) at least one newspaper of general circulation in such county or city and (ii) a prominent public location at which notices are regularly posted in the building where the governing body of the county, city, or town regularly conducts its business, except that such notice shall be given at least 14 days before the date of such hearing in any year in which neither a general appropriation act nor amendments to a general appropriation act providing appropriations for the immediately following fiscal year have been enacted by April 30 of such year.
Any such notice shall be at least the size of one-eighth page of a standard size or a tabloid size newspaper, in clause (i) shall not be placed in that portion, if any, of the newspaper reserved for legal notices and classified advertisements.
Any such notice shall be at least the size of one-eighth page of a standard size or a tabloid size newspaper, and the headline in the advertisement shall be in a type no smaller than 18-point.
The notice described in clause (i) shall not be placed in that portion, if any, of the newspaper reserved for legal notices and classified advertisements.
Total assessed value of real property, excluding additional assessments due to new construction or improvements to property, exceeds last year's total assessed value of real property by 2.
Total assessed value of real property, excluding additional assessments due to new construction or improvements to property, exceeds last year's total assessed value of real property by _____ percent.
2.
This difference will be known as the "effective tax rate increase." percentage.al property taxes may, however, increase at a percentage greater than or less than the above 4.
This difference will be known as the "effective tax rate increase." Individual property taxes may, however, increase at a percentage greater than or less than the above percentage.
4.
Based on the proposed real property tax rate and changes in other of 2 revenues, the total budget of (name of county, city or town) will exceed last year's by _____ percent.
Based on the proposed real property tax rate and changes in other revenues, the total budget of (name of county, city or town) will exceed last year's by _____ percent.
C.
of 2 C.
⬇ Download PDF