HB 68 VA
Real property; effect on rate when assessment results in tax increase, consideration of inflation.
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Summary
This bill would modify provisions governing local property taxation when property assessments increase. Property tax rates are typically adjusted when assessed property values change to maintain stable revenues. The bill would establish requirements for how localities must adjust tax rates when property assessments result in higher taxes and would require consideration of inflation in these calculations. These provisions would help protect property owners from unexpected tax increases due to assessment increases or inflation.
AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.
Official abstract
A BILL to amend and reenact §§ 58.1-3321 and 58.1-3330 of the Code of Virginia, relating to local taxation of real property; effect on rate when assessment results in tax increase; consideration of inflation.
Sponsor (1)
- Joseph P. McNamara Republican · primary
Action history (9)
- Dec 30, 2025 Prefiled and ordered printed; Offered 01-14-2026 26101665D · lower
- Dec 30, 2025 Referred to Committee on Finance · lower
- Jan 16, 2026 Assigned HFIN sub: Subcommittee #2 · lower
- Jan 18, 2026 Fiscal Impact statement From TAX (1/18/2026 4:49 pm) · lower
- Jan 27, 2026 House subcommittee offered · lower
- Jan 27, 2026 House subcommittee offered · lower
- Jan 27, 2026 Subcommittee recommends continuing to (Voice Vote) · lower
- Jan 28, 2026 Continued to next session in Finance · lower
- Jul 21, 2026 Continued from last session · lower
Full text
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