Classification of land and improvements for tax purposes; City of Richmond.

Classification of land and improvements for tax purposes; City of Richmond. Authorizes the City of Richmond to impose a tax rate on improvements to real property that is different than the City's tax rate on the land upon which the improvements are located, provided that the tax rate is not zero and does not exceed the tax rate imposed on the land. Under current law, the Cities of Fairfax, Roanoke, and Poquoson have the authority to tax improvements and land at different rates.