Use value as opposed to fair market value for LCI calculation

February 4, 2016

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HB 191 (Minchew) requires that use value (as opposed to fair market value) be utilized when calculations are made of the Local Composite Index (LCI). On February 3, the Elementary and Secondary Education Subcommittee of the House Education Committee voted to refer the bill without recommendation to the House Appropriation Committee.

VACo supports use value for calculating the LCI. VACo also supports HJR 50 (Webert), a study resolution directing the Department of Education (DOE) to study use value in the calculation of LCI. The LCI is a measure of a locality’s ability to pay and determining the local/state shares in funding the Standards of Quality for public education.

VACo Contact: Larry Land, CAE

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