Bill > HB432

This bill establishes the Task Force on Property Appraisal and Valuation Equity, a group composed of various state officials, industry representatives, and citizen members, to study and address the issue of minority individuals' properties being misvalued or undervalued. The Task Force, chaired by the Director of the Department of Housing and Community Development, will investigate strategies to ensure fair appraisal practices, increase appraiser training to combat bias, remove barriers for minority individuals entering the appraisal profession, develop better valuation models, and reduce bias in automated valuation systems. It will also identify legislative and policy recommendations for a coordinated approach to reduce bias in real estate valuation. The Task Force is required to meet at least annually and report its findings and recommendations to the Governor and General Assembly by December 1st of each year, with its work concluding on July 1, 2029.

https://lis.virginia.gov/bill-details/20261/HB432