Bill > HB345

This bill amends existing Virginia law to clarify when a partial property tax exemption can be applied to commercial and industrial structures that are demolished and replaced. Specifically, it prohibits this tax exemption if the structure being demolished is a registered Virginia landmark or is considered by the Department of Historic Resources (DHR) to be a significant contributor to a registered historic district. The DHR is the state agency responsible for identifying and preserving historic sites in Virginia. This change aims to protect historically significant structures from demolition by ensuring that replacing them does not qualify for tax breaks under this specific exemption.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB345