58.1-3290 - How land divided among several owners to be assessed. - Virginia Statutes

§ 58.1-3290. How land divided among several owners to be assessed.

When a tract or lot becomes the property of different owners in two or moreparcels, subsequent to any general reassessment of real estate in the city orcounty in which such tract or lot is situated each of the two or more parcelsshall be assessed and shown separately upon the land books, as required bylaw. The commissioner of the revenue, in assessing each lot or parcel, shallassess the same at its fair market value as of January 1 of the year nextsucceeding the year in which the tract or lot of land becomes the property ofseveral owners, without regard to the value at which such tract of land wasassessed as a whole, but with regard to other assessments of lots, pieces orparcels of land in the city or county. Such assessment shall stand until thenext general reassessment of real estate in the city or county. Failure ofthe owner or person dividing and selling the land to record a plat thereofshall not relieve the commissioner of the revenue of the responsibility forassessing or reassessing any such tract of land when divided as provided forin this section.

(Code 1950, § 58-773; 1954, c. 655; 1984, c. 675.)