VA HB10

Expands the authority to classify land and improvements as separate categories for real property taxation from only the Cities of Fairfax, Poquoson, Richmond, and Roanoke to all Virginia localities

Allows any locality's governing body to levy different tax rates on improvements versus the underlying land, after providing public notice and opportunity for public comment

Removes the previous restriction that required the tax rate on improvements not to exceed the tax rate on the land where they are located

Maintains the requirement that the tax rate on improvements cannot be zero and does not permit localities to alter property valuation methods

Takes effect for taxable years beginning on and after July 1, 2026