15.2-4532 - Public purpose; exemption from taxation. - Virginia Statutes

§ 15.2-4532. Public purpose; exemption from taxation.

It is hereby found, determined, and declared that the creation of anytransportation district hereunder and the carrying out of the corporatepurposes of any such transportation district is in all respects for thebenefit of the people of this Commonwealth and is a public purpose and thatthe transportation district and the commission will be performing anessential governmental function in the exercise of the powers conferred bythis chapter. Accordingly, the transportation district shall not be requiredto pay taxes or assessments upon any of the property acquired by it or underits jurisdiction, control, possession or supervision or upon its activitiesin the operation and maintenance of any transportation facilities or upon anyrevenues therefrom and the property and the income derived therefrom shall beexempt from all state, municipal and local taxation. This exemption shallinclude, without limitation, all motor vehicle license fees, motor vehiclesales and use taxes, retail sales and use taxes and motor fuel taxes. Thegoverning body of any political subdivision within a transportation districtmay refund in whole or in part any payments for taxes or license fees orabate in whole or in part any assessments for taxes or license fees on anyproperty exempt from taxation or license fees under this section that wereassessed and levied prior to the acquisition of any transportation facilitiesby a transportation district.

(1964, c. 631, § 15.1-1370; 1975, c. 486; 1997, c. 587.)