STATE STATUTES & CODES
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VIRGINIA STATUTES AND CODES
10.1-1011 - Taxation.
§ 10.1-1011. Taxation.
A. Where an easement held pursuant to this chapter or the Open-Space Land Act(§ 10.1-1700 et seq.) by its terms is perpetual, neither the interest of theholder of a conservation easement nor a third-party right of enforcement ofsuch an easement shall be subject to state or local taxation nor shall theowner of the fee be taxed for the interest of the holder of the easement.
B. Assessments of the fee interest in land that is subject to a perpetualconservation easement held pursuant to this chapter or the Open-Space LandAct (§ 10.1-1700 et seq.) shall reflect the reduction in the fair marketvalue of the land that results from the inability of the owner of the fee touse such property for uses terminated by the easement. To ensure that theowner of the fee is not taxed on the value of the interest of the holder ofthe easement, the fair market value of such land (i) shall be based only onuses of the land that are permitted under the terms of the easement and (ii)shall not include any value attributable to the uses or potential uses of theland that have been terminated by the easement.
C. Notwithstanding the provisions of subsection B, land which is (i) subjectto a perpetual conservation easement held pursuant to this chapter or theOpen-Space Land Act (§ 10.1-1700 et seq.), (ii) devoted to open-space use asdefined in § 58.1-3230, and (iii) in any county, city or town which hasprovided for land use assessment and taxation of any class of land within itsjurisdiction pursuant to § 58.1-3231 or § 58.1-3232, shall be assessed andtaxed at the use value for open space, if the land otherwise qualifies forsuch assessment at the time the easement is dedicated. If an easement is inexistence at the time the locality enacts land use assessment, the easementshall qualify for such assessment. Once the land with the easement qualifiesfor land use assessment, it shall continue to qualify so long as the localityhas land use assessment.
(1988, cc. 720, 891; 1993, c. 390; 1998, c. 487.)