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David G. Brickley, D-Prince William, who chaired a House Finance subcommittee studying the tax issue said that he plans to request that his subcommittee be extended to next year to examine the feasibility of crafting legislation to require an eight percent cap on assessment increases.
Current law requires that all property be assessed at 100 percent of the fair market value, and such a cap would require a constitutional amendment.
DuVal has also introduced legislation to establish a program that would permit localities to give taxpayers the option to defer annual real estate tax increases in excess of five percent. Interest would be charged on the deferred amount.
Another proposal of DuVal’s would allow local governments to establish separate categories of residential and commercial/industrial for tax rate purposes.
The House Finance Committee approved Brickley’s legislation Monday, requiring localities to include the percent increase in their total budget when they advertise the proposed real property tax rate.
97.2%