Virginia Authorizes Partial Property Tax Exemption for Residential Conversions

The Virginia Governor signed a law that includes authorizing a county, city, or town to grant a partial real property tax exemption for certain buildings that have undergone the conversion of a building and its structural components from retail, commercial, or religious use to residential use where the building was first placed in service at least 15 years prior to the start of conversion, is allowed depreciation, and at the completion of conversion meets certain additional requirements. The law takes effect on July 1. [S.B. 181, enacted 04/22/26]