VA HB474

Increases the assessed value threshold for properties eligible for special commissioner appointment from $75,000 to $125,000, allowing more parcels with delinquent taxes or liens to be conveyed directly to localities or land bank entities instead of public auction

Applies to properties where delinquent taxes and liens exceed 50% of assessed value, taxes alone exceed 25% of assessed value, or for derelict buildings where combined taxes and liens exceed 25% of assessed value

Localities with high fiscal stress scores (100 or higher on the 2020 index) have lower thresholds: combined taxes and liens exceeding 35% or taxes alone exceeding 15% of assessed value

Reorganizes the existing statute by moving definitions to the beginning and reformatting subsections for clarity without changing substantive requirements for land bank entities or nonprofit organizations

Maintains existing protections requiring any surplus from subsequent property sales be paid to lien beneficiaries and former owners, with no deficiency charged after conveyance