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

Summary

The measure proposes how a property tax rate should be adjusted when a new assessment increases a taxpayer's liability, with inflation taken into account. It would apply to property owners and local taxing authorities in Virginia. The goal is to clarify how tax increases from reassessments are calculated in an inflationary environment.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share