A BILL to amend the Code of Virginia by adding in Chapter 8 of Title 36 a section numbered 36-140.02, relating to Department of Housing and Community Development; Task Force on Property Appraisal and Valuation Equity.
HB432 creates the Task Force on Property Appraisal and Valuation Equity within the Department of Housing and Community Development. The task force would include state officials, civil rights and dispute-resolution representatives, real estate appraisers, banking industry representatives, local government and housing stakeholders, and citizen members appointed by legislative leaders and the Governor. Its central purpose is to study the persistent misvaluation and undervaluation of real property owned by minority individuals and to identify ways to reduce bias in property appraisal and valuation.
The task force is directed to examine a range of issues, including appraisal industry standards, governmental oversight, training for appraisers, barriers to entry for minority appraisers, reconsideration of value processes, and the use of automated valuation models and alternative valuation methods. It must also develop legislative or policy recommendations to create a coordinated approach to reducing bias through enforcement, compliance, or other methods. The task force would meet at least annually, be staffed by the Department, and submit annual reports to the Governor and General Assembly. The act would expire on July 1, 2029.
The bill would add a new section to Title 36 of the Code of Virginia establishing a temporary advisory task force focused on property appraisal and valuation equity. It does not directly change tax rates, appraisal rules, or housing law, but it would create an official state body to study racial disparities in real property valuation and recommend future statutory or administrative changes. Affected parties would include the Department of Housing and Community Development, appraisers, lenders, local governments, housing advocates, and minority property owners.
The available record shows no committee transcript or vote history, so there is no documented debate or recorded floor sentiment. Based on the bill’s structure, it appears to be a study-and-recommendation measure rather than a regulatory mandate, which often draws less immediate controversy than substantive enforcement legislation. Its focus on appraisal bias and equity suggests support from housing and civil rights stakeholders, but the absence of discussion or votes prevents a more specific assessment.
The main potential points of contention are likely to be the bill’s focus on racial bias in property valuation, the inclusion of automated valuation models in the study, and the breadth of the task force’s membership. Stakeholders such as appraisers, lenders, and local government representatives may differ on whether the problem is best addressed through training and oversight, new compliance measures, or broader legislative action. Because the bill creates a study body rather than direct reforms, any disagreement would likely center on whether a task force is the right mechanism and whether its recommendations should lead to future regulation.