58.1-3401 - Valuation of property; calculation of service charge. - Virginia Statutes

§ 58.1-3401. Valuation of property; calculation of service charge.

A. The service charge authorized in § 58.1-3400 shall be based on theassessed value of the tax exempt real estate and the amount which the county,city or town expended, in the year preceding the year in which such charge isassessed, for the purpose of furnishing police and fire protection and forcollection and disposal of refuse. The cost of public school education shallbe included in such amount in determining the service charge imposed onfaculty and staff housing of an educational institution. Any amount receivedfrom federal or state grants specifically designated for the above-mentionedpurposes and assistance provided to localities pursuant to Article 8 (§9.1-165 et seq.) of Chapter 1 of Title 9.1 shall not be considered indetermining the cost of providing such services for the real estate. Theexpenditures for services not provided for certain real estate shall not beconsidered in the calculation of the service charge for such real estate, norshall such expenditures be considered when a service is currently funded byanother service charge.

B. The service charge rate shall be determined by dividing the expendituresdetermined pursuant to subsection A of this section, by the assessed fairmarket value, expressed in hundreds of dollars, of all real estate locatedwithin the county, city or town imposing the service charge, includingnontaxable property. The resulting rate shall then be applied to the assessedvalue of the tax exempt property.

Real estate owned by the United States government or any of itsinstrumentalities shall not be included in the assessed value of all propertywithin the county, city or town.

For purposes of this section, artistic and historical significance shall notbe taken into account in the valuation of exempt real estate.

C. In no event shall the service charge exceed twenty percent of the realestate tax rate of the county, city or town imposing the service charge orfifty percent in the case of faculty and staff housing of an educationalinstitution.

(Code 1950, § 58-16.2; 1971, Ex. Sess., c. 133; 1972, c. 770; 1973, c. 444;1982, c. 641; 1984, c. 675.)