SB 181 VA

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To Executive

Real property tax; partial exemption for repurposing underutilized structures for residential use; local incentives. Permits localities to provide partial real estate taxation exemptions for converted real property where such conversion establishes a residential structure that has set aside at least 30 percent of the structure for households with a per capita income at or below 80 percent of the locality's median income or where the building owner is subject to an agreement with the Commonwealth or the locality regarding the provision of affordable housing. Localities have discretion to determine (i) whether a converted building qualifies for the partial exemption, (ii) any additional restrictions and conditions, (iii) whether the exemption is the amount equal to the increase in assessed value or a percentage of such increase resulting from the repurposing of the structure, and (iv) the length of time the exemption will run with the land, not to exceed 15 years. The bill provides that, at any time a building for which its owner claims a partial exemption no longer meets the requirements to receive such exemption, the locality may recapture all or a portion of the exemption granted in the immediately preceding year. Further, if a building owner that claims an exemption as described by the bill sells the building for which he is claiming the exemption and, after the sale, the property no longer meets the requirements described by the bill, the purchaser shall be subject to a penalty. The building owner shall provide written notification of the partial exemption to the purchaser. The bill also permits localities to grant tax incentives or provide regulatory flexibility to qualifying converted real property.

• Angelia Williams Graves Democratic · primary

1. Jan 9, 2026 Prefiled and ordered printed; Offered 01-14-2026 26100919D · upper
2. Jan 9, 2026 Referred to Committee on Finance and Appropriations · upper
3. Jan 23, 2026 Fiscal Impact statement From TAX (1/23/2026 6:15 pm) · upper
4. Jan 28, 2026 Reported from Finance and Appropriations (14-Y 0-N) · upper
5. Jan 29, 2026 Rules suspended · upper
6. Jan 29, 2026 Constitutional reading dispensed (on 1st reading) (40-Y 0-N 0-A) · upper
7. Jan 29, 2026 Passed by for the day (Voice Vote) · upper
8. Jan 29, 2026 Passed by for the day · upper
9. Jan 30, 2026 Read second time · upper
10. Jan 30, 2026 Engrossed by Senate (Voice Vote) · upper
11. Feb 2, 2026 Read third time and passed Senate (40-Y 0-N 0-A) · upper
12. Feb 5, 2026 Placed on Calendar · lower
13. Feb 5, 2026 Read first time · lower
14. Feb 5, 2026 Referred to Committee on Finance · lower
15. Feb 20, 2026 Assigned HFIN sub: Subcommittee #2 · lower
16. Feb 24, 2026 House subcommittee offered · lower
17. Feb 24, 2026 Subcommittee recommends reporting with substitute (11-Y 0-N) · lower
18. Feb 25, 2026 Reported from Finance with substitute (17-Y 4-N) · lower
19. Feb 26, 2026 Committee substitute printed 26108536D-H1 · lower
20. Feb 27, 2026 Read second time · lower
21. Mar 2, 2026 Read third time · lower
22. Mar 2, 2026 committee substitute agreed to · lower
23. Mar 2, 2026 Engrossed by House - committee substitute · lower
24. Mar 2, 2026 Passed House with substitute (70-Y 29-N 0-A) · lower
25. Mar 4, 2026 House substitute agreed to by Senate (21-Y 19-N 0-A) · upper
26. Mar 10, 2026 Enrolled · upper
27. Mar 10, 2026 Bill text as passed Senate and House (SB181ER) · upper
28. Mar 10, 2026 Signed by Speaker · lower
29. Mar 10, 2026 Signed by President · upper
30. Mar 14, 2026 Enrolled Bill communicated to Governor on March 14, 2026 · upper
31. Mar 14, 2026 Governor's Action Deadline 11:59 p.m., April 13, 2026 · executive
32. Mar 20, 2026 Fiscal Impact statement From TAX (3/20/2026 11:42 am) · upper
33. Apr 12, 2026 Governor's recommendation received by Senate · executive

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Governor's Recommendation · HTML
• Enrolled · PDF
• Enrolled · HTML
• Finance Substitute · PDF
• Finance Substitute · HTML
• Finance Substitute · PDF
• Finance Substitute · HTML
• Subcommittee #2 Subcommittee Substitute · PDF
• Subcommittee #2 Subcommittee Substitute · HTML
• Introduced · PDF
• Introduced · HTML