Governor Kaine Signs Real Estate Assessment, Affordable Housing Legislation
– New laws provide more information to homeowners, codifies Arlington initiative –

ARLINGTON – Governor Timothy M. Kaine today ceremonially signed into law new legislation that requires localities to provide homeowners with additional information on real estate assessments, and a bill that formalizes an Arlington County initiative to provide affordable housing for residents of the densely populated, urban county.

Senate Bill 731 (Herring) and companion House Bill 491 (Frederick) provides homeowners with additional information on real estate assessments, requiring localities to include the following information on property tax assessment notices: the immediately prior appraised value of the property, the immediately prior assessed value of that property, if different from the appraised value, and the time and place of the next meeting of the local government body that will hear public testimony on those changes. HB 491 incorporates the requirements of House Bill 1298, introduced by Richmond Del. Franklin Hall at the request of Governor Kaine.

“With real estate assessments generally rising in communities across the Commonwealth, it is important that we provide Virginians with as much information as possible,” Governor Kaine said. “It is also critical that homeowners have easy access to information regarding the public meetings where testimony on the tax rates will be heard.”

Localities are already required to provide residents with notices of reassessments or changes to real estate values.  The new law requires local governments to provide this additional information to homeowners as part of that process.

Governor Kaine also signed Senate Bill 273 (Whipple), which ensures Arlington County’s authority to implement a community compromise on affordable housing. Late last year, the Arlington Affordable Housing Roundtable – comprised of county leaders, housing advocates, members of the business community, and other stakeholders – unanimously approved a compromise plan in which developers partner with Arlington to preserve and create affordable housing throughout the County.

“My congratulations to Arlington for working through this difficult challenge, and coming up with an innovative solution that works for everyone,” said Governor Kaine. “As a densely populated urban community, Arlington faces unique challenges in ensuring affordable housing, and I applaud the creativity incorporated in this compromise.”

Today’s bill-signing ceremony took place at One Metropolitan Park in Pentagon City, a residential project under construction by KSI Services, Inc. The project is an example of how affordable housing can be created with the new law. When completed, One Metropolitan Park will include 20 affordable units that the developer has committed will remain affordable for at least 30 years.

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