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Senate adopts cap on farmland fair‑market increases to help family farms
Summary
Senate Bill 29 would limit year‑to‑year fair‑market valuation increases for farmland to 3 percent, aiming to protect family farms from steep tax jumps; the Senate passed the bill after debate about corporate beneficiaries and local revenue impacts.
RICHMOND — Senate Bill 29, which would cap annual fair‑market valuation increases for farmland at 3 percent, passed the Virginia Senate on March 13 after floor debate about impacts on small and corporate farms.
Senator Shoemaker, who presented the bill, said the change would bring predictability to farm-tax assessments and help stem the loss of family farms. "When these farms began to struggle, farmers have no choice but to sell because of bankruptcy," the sponsor said, urging a 3 percent cap on farmland valuation increases when fair market value rises by more than that amount.
Opponents argued the measure might advantage larger corporate landowners and reduce revenue for local services such as schools and emergency services. Senator Asble said the provision could allow corporate farms to pay less while small farms face other cost pressures. Senator Kottkamp raised similar concerns about the bill favoring large landowners.
After debate the Senate recorded a roll call and the presiding officer announced that Senate Bill 29 passed (Ayes 13, No 11, R 36 2).
Outcome: Senate Bill 29 passed; senators urged monitoring of fiscal impacts at the local level.
