58.1-3205 - Assessment of real property where interest less than fee is held by public body; exemption of interest of public body from taxation. - Virginia Statutes

§ 58.1-3205. Assessment of real property where interest less than fee is heldby public body; exemption of interest of public body from taxation.

Where an interest in real property less than the fee is held by a public bodyfor the purposes of the Open-Space Land Act (§ 10.1-1700 et seq.), theVirginia Conservation Easement Act (§ 10.1-1009 et seq.), or Chapters 22 and24 of Title 10.1, assessments for local taxation on the property shallconform to the requirements of § 10.1-1011. The value of the interest held bythe public body shall be exempt from property taxation to the same extent asother property owned by the public body.

(1984, c. 675; 1998, c. 487.)