Virginia Establishes Notice Requirements for Land-Use Assessed Property Transactions

The Virginia Governor signed a law requiring disclosure of land-use assessment and potential rollback tax liability in residential property transactions. The law also imposes new obligations on settlement agents to provide written notice and obtain purchaser acknowledgment when such properties are involved, with civil penalties for willful noncompliance. The law takes effect Jan. 1, 2027. [H.B. 1358, enacted 04/06/26]

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