Special Subcommittee Studying Property Tax Exemptions

October 26, 1998, Richmond

Focus of Subcommittee

The subcommittee studying property tax exemptions held its second meeting to review possible legislative changes to the implementation of property tax exemptions. The subcommittee was appointed to study property tax exemptions because of the concern about the growing number of exemptions each year.

The committee's focus has been to develop legislation which will provide classifications and standards for property tax exemptions but will leave the ultimate decision within the appropriate classification to the localities.

The primary concern expressed is the impact on existing exemptions, but all current proposals would not impact existing exemptions.

Future Meetings

The subcommittee is in the process of reviewing draft legislation to implement its objectives. At this time, additional meetings have not been scheduled.

The Honorable William J. Howell, Chairman
Legislative Services contact: Stephanie L. Hamlett