Virginia Enacts Law Providing Property Tax Exemption By Classification Includes Single Member LLC

The Virginia Governor signed a law relating to real property taxation and exemption by classification. The law provides that the property of an organization that is tax exempt by classification includes the property of a single member limited liability company (LLC) whose sole member is such an organization. The law takes effect July 1. [H.B. 1896, enacted 03/18/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.