2006 Code of Virginia § 58.1-3200 - Real estate subject to local taxation; taxable real estate defined; leaseholds

58.1-3200. Real estate subject to local taxation; taxable real estatedefined; leaseholds.

All taxable real estate, having been segregated for and made subject to localtaxation only by Article X, Section 4 of the Constitution of Virginia, shallbe assessed for local taxation in accordance with the provisions of thischapter and other provisions of law. For purposes of the assessment of realestate for taxation, the term "taxable real estate" shall include aleasehold interest in every case in which the land or improvements, or both,as the case may be, are exempt from assessment for taxation to the owner. Theprovisions of this chapter relating to the assessment of real estate shallnot apply to property required by law to be assessed by the State CorporationCommission or the Department of Taxation.

(Code 1950, 58-758; 1954, c. 317; 1984, c. 675; 1985, c. 221.)