Bill > HB2173

This bill allows any county, city, or town in Virginia to forgive all overdue real property taxes, penalties, interest, and other associated costs on a property if the owner transfers ownership of that property to a qualified nonprofit organization. A "tax delinquent property" is defined as real estate where taxes are overdue by a certain period, or in cases of condemned structures, nuisances, derelict buildings, or blighted properties, where taxes are overdue by a shorter period. The nonprofit organization must have tax-exempt status under sections 501(c)(3) or 501(c)(4) of the Internal Revenue Code and its mission must involve building, renovating, or revitalizing affordable housing for low-income families. If the property is transferred under these conditions, the locality can also inform credit reporting agencies that the delinquent amounts are considered fully paid.