VA HB72

Adds the City of Fredericksburg to the list of Virginia cities (Fairfax, Poquoson, Richmond, and Roanoke) that may classify land and improvements as separate categories for real property tax purposes

Authorizes Fredericksburg's governing body to levy different tax rates on improvements versus the underlying land, after providing public notice and hearing

Requires that any tax rate on improvements cannot be zero and cannot exceed the tax rate applied to the land itself

Does not permit Fredericksburg to alter how it values real property, only how it applies tax rates to the separate classifications