VirginiaHB22452025 Regular SessionHouse

Real property tax; assessment of affordable rental housing.

Sponsored By: Katrina Callsen (Democratic)

To Governor

Summary

Real property tax; assessment of affordable rental housing. Directs the Department of Taxation to develop a uniform income and expense reporting form that may be provided by duly authorized assessors and completed by the owners of affordable rental housing properties prior to assessment of such affordable rental housing properties. The bill provides that the duly authorized real estate assessor charged with determining the fair market value of affordable rental housing shall use the income approach when such housing generates income unless certain information is not provided by the property owner. The bill specifies that the foregoing provisions shall become effective for assessments beginning on or after January 1, 2026. Finally, the bill directs the Department to develop, in consultation with a stakeholder group, the uniform income and expense reporting form no later than September 1, 2025, and directs the Department to provide by November 1, 2025, a letter to the Chairs of the Senate Committee on Finance and Appropriations and the House Committee on Finance with an update on the development of such form and implementation of training for assessing officials and contracted assessors on the assessment of affordable rental housing.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Katrina Callsen

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 184 • No: 39

Senate vote • 2/12/2025

Passed Senate

Yes: 35 • No: 4

Senate vote • 2/11/2025

Reported from Finance and Appropriations

Yes: 15 • No: 0

Senate vote • 2/11/2025

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 40 • No: 0

House vote • 2/4/2025

Read third time and passed House

Yes: 74 • No: 25

House vote • 1/29/2025

Reported from Finance with substitute

Yes: 15 • No: 7

House vote • 1/27/2025

Subcommittee recommends reporting with substitute

Yes: 5 • No: 3 • Other: 1

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0456)

    3/24/2025Governor
  2. Approved by Governor-Chapter 456 (Effective 07/01/25)

    3/24/2025Governor
  3. Governor's Action Deadline 11:59 p.m., March 24, 2025

    3/3/2025Governor
  4. Enrolled Bill communicated to Governor on March 3, 2025

    3/3/2025House
  5. Signed by President

    2/20/2025Senate
  6. Impact statement from TAX (HB2245)

    2/17/2025House
  7. Bill text as passed House and Senate (HB2245ER)

    2/17/2025House
  8. Enrolled

    2/17/2025House
  9. Signed by Speaker

    2/17/2025House
  10. Passed Senate (35-Y 4-N)

    2/12/2025Senate
  11. Read third time

    2/12/2025Senate
  12. Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N)

    2/11/2025Senate
  13. Reported from Finance and Appropriations (15-Y 0-N)

    2/11/2025Senate
  14. Passed by for the day

    2/11/2025Senate
  15. Rules suspended

    2/11/2025Senate
  16. Impact statement from TAX (HB2245)

    2/6/2025House
  17. Referred to Committee on Finance and Appropriations

    2/5/2025Senate
  18. Constitutional reading dispensed (on 1st reading)

    2/5/2025Senate
  19. Read third time and passed House (74-Y 25-N)

    2/4/2025House
  20. Engrossed by House - committee substitute

    2/3/2025House
  21. Finance Substitute agreed to

    2/3/2025House
  22. Read second time

    2/3/2025House
  23. Read first time

    1/31/2025House
  24. Committee substitute printed 25106399D-H1

    1/29/2025House
  25. Reported from Finance with substitute (15-Y 7-N)

    1/29/2025House

Bill Text

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