Code of Virginia

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Code of Virginia
Title 58.1. Taxation
Chapter 32. Real Property Tax

§ 58.1-3200. Real estate subject to local taxation; taxable real estate defined; leaseholds.

All taxable real estate, having been segregated for and made subject to local taxation only by Article X, Section 4 of the Constitution of Virginia, shall be assessed for local taxation in accordance with the provisions of this chapter and other provisions of law. For purposes of the assessment of real estate for taxation, the term "taxable real estate" shall include a leasehold interest in every case in which the land or improvements, or both, as the case may be, are exempt from assessment for taxation to the owner. The provisions of this chapter relating to the assessment of real estate shall not apply to property required by law to be assessed by the State Corporation Commission or the Department of Taxation.

Code 1950, § 58-758; 1954, c. 317; 1984, c. 675; 1985, c. 221.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.