TowneBank Mortgage Celebrates Bill West's Contribution to Virginia Homeowner Protection
At TowneBank Mortgage, we are committed to more than just facilitating homeownership; we strive to be active partners in strengthening our community. We're incredibly proud to recognize the significant contribution of our Sales Manager, Bill West, in the passage of Virginia House Bill 574. This legislation, now approved and passed, represents a vital step in ensuring fairer and more transparent real estate transactions for Virginia homeowners.
Bill West's Dedicated Involvement:
Recognizing the need for a crucial change in real estate taxation, Bill West dedicated himself to supporting the legislative process of HB 574. Bill actively participated in navigating the complexities of the legislative journey, which included over 70 steps from introduction to passage. Bill worked closely with our lobbyist and Walt Lyons of VMBA, contributing his expertise and insights to support the bill's advancement. His focused engagement played a key role in the successful passage of legislation that protects sellers from being taxed on BOTH the sales price and a potentially higher appraised value, ultimately benefiting Virginia homeowners.
Understanding HB 574:
House Bill 574, officially an amendment to and reenactment of § 58.1-801 of the Code of Virginia, addresses the recordation tax and the value of interest conveyed. Specifically, it clarifies the definition of "value of the property conveyed" or "value of the interest" for the purposes of recordation tax.
The bill states:
"For the purposes of this chapter, 'value of the property conveyed' or 'value of the interest' means the most recent property tax assessment for such property at the time the property is conveyed." 1
This crucial clarification prevents homeowners from being taxed on both the sales price and a potentially higher appraised value, ensuring that the recordation tax is based on the most recent property tax assessment. This change provides much-needed clarity and protects sellers from unexpected financial burdens.
A Win for Virginia Homeowners:
The passage of HB 574 is a testament to the power of community involvement and the difference that individuals can make. This law will provide significant financial relief and peace of mind to countless Virginia homeowners. At TowneBank Mortgage, we're proud to have employees like Bill West, who are not only experts in their field but also active and engaged members of our community.