A BILL to amend and reenact § 58.1-3503 of the Code of Virginia, relating to personal property taxes; valuation.
HB960 amends Virginia’s personal property tax valuation statute, § 58.1-3503, to reorganize and clarify the categories of tangible personal property and the methods local assessing officials may use to value each category. The bill lists specific valuation rules for farm property, automobiles, trucks, manufactured homes, antique vehicles, taxicabs, vehicles adapted for individuals with disabilities, motorcycles, boats, aircraft, household goods, research and development property, business computer equipment, data center equipment, outdoor advertising signs, and other tangible personal property. It preserves the general framework that valuation methods must be uniform within each category and reasonably expected to reflect fair market value.
The bill would affect local personal property tax administration by refining how commissioners of revenue and other assessing officials determine taxable value for a wide range of tangible personal property. It would continue to allow recognized pricing guides, original cost percentages, and other fair-market-value methods, while expressly requiring mileage adjustments for motorcycles where similar adjustments are used for automobiles. The engrossed version includes a delayed effective date of July 1, 2027, and a reenactment requirement, meaning the proposal would not take effect unless approved again by the 2027 General Assembly session.
The available legislative history suggests the bill was not controversial in committee, as it advanced out of Finance and Appropriations on a 15-0 vote. There are no recorded committee transcripts or floor debate excerpts in the provided material, so there is little evidence of opposition or detailed public discussion. The unanimous vote indicates broad procedural support for the bill’s valuation clarifications, at least at the committee stage.
No specific points of contention are documented in the provided record. Based on the text, any potential concerns would likely center on how localities apply valuation methods, whether assessment ratios and pricing guides are sufficiently uniform, and the added requirement to extend mileage-based adjustments to motorcycles when used for automobiles. However, no named stakeholders or opposing arguments are included in the available materials.