CODE OF VIRGINIA

ASSESSMENT OF REAL PROPERTY WHERE INTEREST LESS THAN FEE IS HELD BY PUBLIC BODY;
EXEMPTION OF INTEREST OF PUBLIC BODY FROM TAXATION (§ 58.1-3205)

Where an interest in real property less than the fee is held by a public body
for the purposes of the Open-Space Land Act (§ 10.1-1700 et seq.), the Virginia
Conservation Easement Act (§ 10.1-1009 et seq.), or Chapters 22 and 24 of Title
10.1, assessments for local taxation on the property shall conform to the
requirements of § 10.1-1011. The value of the interest held by the public body
shall be exempt from property taxation to the same extent as other property
owned by the public body.

HISTORY: 1984, c. 675; 1998, c. 487.