Bill > HB474

This bill modifies the process by which localities can acquire real estate with delinquent taxes or liens, allowing for the appointment of a special commissioner to convey the property instead of a public auction, and it increases the maximum assessed value of a parcel of land eligible for this process from $75,000 to $125,000, with specific exceptions for localities with high fiscal stress scores that allow for even lower tax and lien thresholds and a maximum assessment of $150,000 under certain conditions, such as when the property is not an occupied dwelling and is being sold to a nonprofit for renovation or construction of affordable housing. The bill also clarifies definitions for "existing nonprofit entity" and "land bank entity," which are organizations that can receive these properties, and outlines conditions for their subsequent sale or disposition of the property, including provisions for ground leases and community land trusts to ensure long-term affordability.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB474