NVAR works throughout the year to keep you informed of legislative and regulatory developments that affect your business.
Alexandria Hearing on Waterfront; Old Dominion Boat Club Property
The Alexandria City Council will hold a Special Council Meeting on Tuesday, November 19, at 6 p.m. The meeting will take place at City Hall, 301 King St. in Old Town. The purpose of the Special Meeting is to provide a discussion and public hearing to examine the City’s options, including eminent domain, for 1) implementing the approved Waterfront Small Area Plan and 2) resolving a longstanding dispute with the Old Dominion Boat Club (ODBC) concerning the Club’s parking lot and adjacent areas. Click here to learn more about the public hearing, the Waterfront Plan and the Old Dominion Boat Club parking lot.
Arlington Considers BPOL Tax Administration Changes
On Saturday, November 16, the Arlington County Board will hold a public hearing to reconsider the way Arlington assesses BPOL taxes on real estate agents and brokerages. This change would shift all BPOL taxation to the brokerage level and eliminate BPOL filing requirements for agents.
Currently, Arlington assesses taxes to both agents and brokerages based on their reported revenues. The proposal, if approved, would shift the responsibility of filing BPOL to the brokerage level only, eliminating the need for agents to separately file BPOL tax returns. Brokers would be able to establish internal processes for billing agents for their portion of BPOL taxes. To learn more, read NVAR’s summary of the proposal here, or view the Arlington County Staff Report.
NAR Pushes for Delay in Flood Insurance Premium Hikes
In an attempt to limit losses and retain the solvency of the National Flood Insurance Program (NFIP), Congress approved changes to the premium rate structure for properties in the program. As a result, Realtors® and home owners have reported dramatic increases in their flood insurance rates, which are threatening real estate transactions involving these properties.
Two pieces of bi-partisan legislation have been introduced to delay rates increases and provide yearly caps on the increased amount. NAR is supporting S. 1610, “Homeowner Flood Insurance Affordability Act” (Menendez, D-NJ and Isakson, R-GA) and H.R. 3370 (Grimm, R-NY and Waters, D-CA). To learn more, click here.
NVAR Legislative Trip – Thursday, January 30, 2014
Be a part of the legislative process on Thursday, January 30, 2014! The NVAR Legislative Trip will give you an insider perspective on the General Assembly session and the opportunity to lobby for Realtor® interests. You will receive updates on current issues and hear directly from Northern Virginia representatives on the scene.
Realtors® consistently rank the Trip one of the most important and educational events offered by NVAR . You won’t want to miss it! Click here to register.
Here's what members are saying about the Legislative Trip:
“I learned so much, in a very short period of time, about some of the issues affecting us as both Realtors® and residents of Northern Virginia. The experience not only made me more knowledgeable about the issues, but also reinforced our presence as an organization.”
Siu Cheung, Global One Realtors®