Bill > HB2164

This bill modifies how the Virginia Department of Education calculates the composite index of local ability-to-pay for school divisions. Specifically, the bill requires the department to exclude the true value of real property that is eligible for certain property tax exemptions for disabled veterans and their surviving spouses when determining local funding capacity for schools. The composite index is a key metric used to calculate how much state funding each school division receives, with the calculation traditionally based on local property values and other economic factors. By removing the value of these specific property tax-exempt properties from the calculation, the bill aims to potentially increase state funding for school divisions with significant numbers of disabled veterans' properties. The bill adds a new section (§ 22.1-98.3) to the Code of Virginia to implement this change, defining key terms like "composite index exemption value" and providing clear instructions for how the Department of Education should adjust its funding calculations.

Budget and Finance

https://lis.virginia.gov/bill-details/20251/HB2164