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Subcommittee raises land-bank valuation cap to $125,000 and advances bill
Summary
The subcommittee approved an amendment to HB 474 to raise the local land‑bank property cap from $75,000 to $125,000 (instead of the patron’s initial $150,000 proposal) after supporters said a higher cap is needed to reflect rising land values. The bill was reported out as amended, 9–0.
Delegate Rasul introduced HB 474 to increase the maximum assessed-value threshold for property that a locally appointed special commissioner may convey to a land bank from $75,000 to a higher amount to account for rising land values. "The program has been in place and very successful over the years," said Preston Bridal, representing the city of Roanoke, adding that the city has rehabilitated dozens of homes and placed them back on the market for safe and affordable housing.
Committee members proposed a friendly amendment that reduced the patron’s original increase (from $75,000 to $150,000) to a new cap of $125,000 to better reflect inflation since the cap was last set. The amendment was moved and seconded, put to a voice vote and adopted by the subcommittee. Delegate Rasul said the amendment was “a great amendment.”
After brief floor questions and no recorded opposition in the room or online, the committee voted to report HB 474 as amended. The clerk recorded the bill as reported with the amendment; the transcript records the bill as reported on a roll call of 9–0.
The measure clarifies that the special commissioner may convey properties below the revised cap to a land bank, a tool localities use to assemble and rehabilitate tax-delinquent properties for redevelopment.
Next steps: HB 474, as amended, was reported from the subcommittee and will proceed in the legislative process to the full committee or floor as scheduled.
