VirginiaSB6492026 Regular SessionSenateWALLET

Real property tax; special assessment on basis of use, notice requirements.

Sponsored By: Mark D. Obenshain (Republican)

Became Law

Summary

Real property tax; special assessment for land use; notice requirements; civil penalty. Establishes notice requirements for the sale of real estate that is valued, assessed, and taxed by a locality under a special assessment on the basis of use. The bill directs the Department of Taxation to create a written notice that may be provided to the purchaser of real estate in a land use program. The notice must include disclosures regarding the special classification of the real estate and liability for roll-back taxes if a change in use occurs. The bill also requires settlement agents to provide this written notice to purchasers of real estate in a land use program and to obtain the purchaser's written acknowledgement of receipt of the notice. The willful failure of a settlement agent to provide the notice and obtain the written acknowledgement will subject the settlement agent to a civil penalty in an amount not exceeding $250. The bill directs the Real Estate Board to include in the residential property disclosure statement on its website a statement that the owner makes no representations or warranties with respect to whether the property is located in a locality that has adopted a land-use plan that may provide use value assessment and taxation for certain real estate and that advises purchasers to exercise due diligence to determine whether the property may be subject to roll-back taxes and interest for taxation on the basis of a use assessment and the liability for additional taxes and penalties that may attach if a change in use occurs. Finally, the bill has a delayed effective date of January 1, 2027.

Your PRIA Score

Score Hidden

Personalized for You

How does this bill affect your finances?

Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.

Free to start

Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Closing notice on land-use tax risks

Beginning January 1, 2027, settlement agents must give buyers a state notice before closing when land is taxed based on use (use‑value assessment). Buyers must sign an acknowledgment at or before closing, and the agent must keep it for at least five years. The Department of Taxation supplies the notice, which warns that changing the land’s use or zoning can trigger roll-back taxes and interest, and directs buyers to local assessors. The Virginia State Bar issues guidelines to help agents identify these properties. If the notice is missed, the taxes still apply and no private lawsuit is allowed. Agents who willfully fail to comply can be fined up to $250.

Standard home disclosures and flood risk info

Beginning January 1, 2027, home sellers must give buyers the state’s standard disclosure form from the Real Estate Board website. The form is not a warranty and tells buyers to do their own checks on things like condition, easements, flood risk, and possible roll-back taxes. The Real Estate Board also posts a flood risk information form that explains flood insurance and FEMA maps. Sellers must deliver the disclosure using the delivery rules in state law.

Sponsors & Cosponsors

Sponsor

  • Mark D. Obenshain

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 210 • No: 0

House vote 2/23/2026

Passed House with amendment Block Vote

Yes: 97 • No: 0

House vote 2/18/2026

Reported from Finance with amendment(s)

Yes: 21 • No: 0

Senate vote 1/30/2026

Read third time and passed Senate Block Vote

Yes: 38 • No: 0

Senate vote 1/29/2026

Engrossed by Senate Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 1/29/2026

Senator Obenshain Substitute agreed to

Yes: 0 • No: 0

Senate vote 1/28/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 1/28/2026

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 40 • No: 0

Senate vote 1/27/2026

Reported from Finance and Appropriations

Yes: 14 • No: 0

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0309)

    4/6/2026Governor
  2. Approved by Governor-Chapter 309 (effective 1/1/2027)

    4/6/2026Governor
  3. Fiscal Impact statement From TAX (3/23/2026 10:20 am)

    3/23/2026Senate
  4. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/10/2026Governor
  5. Enrolled Bill communicated to Governor on March 10, 2026

    3/10/2026Senate
  6. Bill text as passed Senate and House (SB649ER)

    2/27/2026Senate
  7. Enrolled

    2/27/2026Senate
  8. Signed by President

    2/27/2026Senate
  9. Signed by Speaker

    2/27/2026House
  10. House amendment agreed to by Senate (40-Y 0-N 0-A)

    2/25/2026Senate
  11. Passed House with amendment Block Vote (97-Y 0-N 0-A)

    2/23/2026House
  12. Engrossed by House as amended

    2/23/2026House
  13. committee amendment agreed to

    2/23/2026House
  14. Read third time

    2/23/2026House
  15. Read second time

    2/20/2026House
  16. House committee offered

    2/18/2026House
  17. Reported from Finance with amendment(s) (21-Y 0-N)

    2/18/2026House
  18. Fiscal Impact statement From TAX (2/18/2026 7:43 am)

    2/18/2026Senate
  19. Referred to Committee on Finance

    2/4/2026House
  20. Read first time

    2/4/2026House
  21. Placed on Calendar

    2/4/2026House
  22. Read third time and passed Senate Block Vote (38-Y 0-N 0-A)

    1/30/2026Senate
  23. Engrossed by Senate Block Vote (Voice Vote)

    1/29/2026Senate
  24. Senator Obenshain Substitute agreed to

    1/29/2026Senate
  25. Floor Offered

    1/29/2026Senate

Bill Text

Related Bills

Back to State Legislation