Limits Property Tax Increases From Rising Assessments
Virginia · HB68 · Introduced Dec 30, 2025
Why it matters
Local governments would have to lower rates when home values rise, which could limit tax increases on owners. Higher rates still remain possible after a public hearing.
What it does
- Localities must cut tax rates if reassessments raise total property tax by 1% or more
- Rate cuts allow only about 1% more tax revenue than the year before, excluding inflation
- Localities can raise the rate after a public hearing that is held separately from the budget hearing
- Hearing notices must run at least seven days ahead, with a headline of at least 18-point type
- Property owners must get mailed notice of assessment changes at least 15 days before a protest hearing
Status
Latest action (2026-07-21): Continued from last session
About this bill
Would require localities to lower tax rates when reassessments raise total property taxes by 1% or more, excluding inflation. Localities could still raise rates after a separate public hearing.
Real property; effect on rate when assessment results in tax increase, consideration of inflation.
Perspectives
💬 The case for
Homeowner groups would likely say the bill keeps rising home values from automatically raising tax bills. Inflation is excluded so people are not taxed on general price increases.
💬 The case against
Local governments would likely say the limits could cut funding for schools and services. Some would argue the public hearing step adds delay and cost.
Sponsored by
Sponsor details for this state bill are at the source link.
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