2025 Regular Session • Virginia Legislature
SB1312: Real property tax; high exemption locality reimbursements.
Legislative Summary
Real property tax; high exemption locality reimbursements. Provides that in tax year 2025 and all tax years thereafter, a high exemption locality, defined in the bill, shall be reimbursed by the Commonwealth for 50 percent of the exemption value, also defined in the bill, multiplied by the 2022 effective real property tax rate in such locality.
Demographic Impact
Overall analysis of equity impact
60% Positive
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Bill History
1/9/2025
Prefiled and ordered printed; Offered 01-08-2025 25102027D
Senate
1/9/2025
Referred to Committee on Finance and Appropriations
Senate
1/23/2025
Impact statement from TAX (SB1312)
Senate
1/23/2025
Passed by indefinitely in Finance and Appropriations (7-Y 6-N)
Senate
Roll Call Votes
Passed by indefinitely in Finance and Appropriations (7-Y 6-N)
1/23/2025
7
Yea
6
Nay
0
Not Voting
2
Absent
Result: PASSED
Status Information
Current Status
Introduced(1/9/2025)
Chamber
Senate
Sponsors
Democrat: 1
Primary Sponsor
Jeremy McPike
Democrat