58.1-3223 - Taxation of life tenant's interest when remainder held by United States. - Virginia Statutes

§ 58.1-3223. Taxation of life tenant's interest when remainder held by UnitedStates.

The life tenant of any property, a remainder interest in which has beenacquired by the United States, shall receive a credit on his real estate taxeach year for any amount paid to the county, city or town in such years under§ 3 of Public Law 94-565 (31 U.S.C. § 1603) on behalf of such property. Suchcredit shall not exceed the amount of tax on such property.

(Code 1950, § 58-761.1; 1980, c. 290; 1984, c. 675.)