HB68

Virginia HB68 addresses tax assessments and rate changes for real property, considering inflation and new construction.

Virginia HB68 mandates that local governing bodies notify property owners of any reassessments or changes in assessed values. If an assessment results in a tax increase of one percent or more, the notice must detail the tax assessment and the effective tax rate increase. The bill also allows governing bodies to reduce the tax rate if necessary to prevent excessive tax increases, excluding inflation and new construction. Public hearings must be held for any proposed tax rate changes, with notices published in local newspapers and posted in public locations.