VA HB68

Requires Virginia localities to exclude inflation from property tax calculations when determining whether reassessments trigger the "lowered tax rate" provision, using the Consumer Price Index for All Urban Consumers (CPI-U) as the inflation measure

Amends the existing 1% threshold rule so localities must reduce tax rates to produce no more than 101% of previous year's revenue after adjusting assessed values to remove inflation-driven increases

For localities that reassess less frequently than annually, inflation adjustments must combine CPI-U rates for each fiscal year since the last assessment

Updates public notice requirements to inform property owners that assessment increases exclude inflation when calculating the lowered tax rate that would maintain revenue neutrality

Modifies Code of Virginia §§ 58.1-3321 and 58.1-3330 governing local real property taxation and assessment change notifications