10.1-2207 - Property to reflect change in market value. - Virginia Statutes

§ 10.1-2207. Property to reflect change in market value.

Where the Commonwealth has obtained from a landowner an easement or otherpartial interest in property which places restrictions on the use ordevelopment of that property so as to preserve those features which led tothe designation of that property as an historic landmark, the easement orother partial interest shall be recorded in the clerk's office of the countyor city where deeds are admitted to record. Assessments for local taxation ofthe property shall reflect any resulting change in the market value of theproperty, as prescribed by § 58.1-3205. The Director shall notify theofficial having the taxing power to make assessments of properties forpurposes of taxation within the locality of the restrictions that have beenplaced on the property.

(1966, c. 632, §§ 10-138, 10-139; 1984, cc. 675, 750; 1986, c. 608; 1988, c.891, § 10.1-808; 1989, c. 656.)