VirginiaHB682026 Regular SessionHouse

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

Sponsored By: Joseph P. McNamara (Republican)

In Committee

Summary

Local taxation of real property; effect on rate when assessment results in tax increase; consideration of inflation. Provides that, in determining a locality's total real property tax levies for purposes of determining the rate of levy that the locality shall impose upon such properties in order to produce no more than 101 percent of the previous year's real property tax levies, such real property assessed value shall be reduced by the greater of (i) the change in the United States Average Consumer Price Index for all items, all urban consumers (CPI-U), as published by the Bureau of Labor Statistics for the U.S. Department of Labor, since the fiscal year of the last assessment or (ii) zero.

Subcommittee #2

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Joseph P. McNamara

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 0 • No: 0

House vote 1/28/2026

Continued to 2027 in Finance

Yes: 0 • No: 0

House vote 1/27/2026

Subcommittee recommends continuing to 2027 (Voice Vote)

Yes: 0 • No: 0

Actions Timeline

  1. Continued to 2027 in Finance

    1/28/2026House
  2. House subcommittee offered

    1/27/2026House
  3. House subcommittee offered

    1/27/2026House
  4. Subcommittee recommends continuing to 2027 (Voice Vote)

    1/27/2026House
  5. Fiscal Impact statement From TAX (1/18/2026 4:49 pm)

    1/18/2026House
  6. Assigned HFIN sub: Subcommittee #2

    1/16/2026House
  7. Referred to Committee on Finance

    12/30/2025House
  8. Prefiled and ordered printed; Offered 01-14-2026 26101665D

    12/30/2025House

Bill Text

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