CODE OF VIRGINIA

TAX EXEMPTION INFORMATION (§ 58.1-3604)

A. The appropriate county, city or town assessing officer shall make and
maintain an inventory and assessment of all tax-exempt real property and all
such property immune from real estate taxation within his county, city or town,
excluding streets, highways and other roadways. Such official shall identify
such property by a general site description indicating the owner thereof and
report such information on the land book along with an assessment of the fair
market value of such property, the total assessed valuation for each type of
exemption and a computation of total tax which would be due if such property
were not exempt. A total of such assessed valuations and a computation of the
percentage such exempt and immune property represents in relation to all
property assessed within the county, city or town shall be published annually by
such local assessing officer and a copy thereof shall be filed with the
Department of Taxation on forms prescribed by the Department. All costs incurred
pursuant to this section shall be borne by the county, city or town.

B. The appropriate county, city or town assessing officer shall also cause to be
published, on an annual basis, at the same time and in the same publication, or
in the same manner, as notice of the local real estate tax rates is published or
otherwise posted, a statement indicating the aggregate assessed value of all
real property exempted from taxation under §§ 58.1-3607 and 58.1-3608, and
Articles 3, 4 and 5 of Chapter 36 of this title, and the total reduction in tax
revenues resulting from such exemptions.

HISTORY: Code 1950, § 58-14.1; 1975, c. 612; 1976, c. 486; 1984, c. 675; 1989,
c. 38.