2006 Code of Virginia § 58.1-3236 - Valuation of real estate under ordinance

58.1-3236. Valuation of real estate under ordinance.

A. In valuing real estate for purposes of taxation by any county, city ortown which has adopted an ordinance pursuant to this article, thecommissioner of the revenue or duly appointed assessor shall consider onlythose indicia of value which such real estate has for agricultural,horticultural, forest or open space use, and real estate taxes for suchjurisdiction shall be extended upon the value so determined. In addition touse of his personal knowledge, judgment and experience as to the value ofreal estate in agricultural, horticultural, forest or open space use, heshall, in arriving at the value of such land, consider available evidence ofagricultural, horticultural, forest or open space capability, and therecommendations of value of such real estate as made by the State LandEvaluation Advisory Council.

B. In determining the total area of real estate actively devoted toagricultural, horticultural, forest or open space use there shall be includedthe area of all real estate under barns, sheds, silos, cribs, greenhouses,public recreation facilities and like structures, lakes, dams, ponds,streams, irrigation ditches and like facilities; but real estate under, andsuch additional real estate as may be actually used in connection with, thefarmhouse or home or any other structure not related to such special use,shall be excluded in determining such total area.

C. All structures which are located on real estate in agricultural,horticultural, forest or open space use and the farmhouse or home or anyother structure not related to such special use and the real estate on whichthe farmhouse or home or such other structure is located, together with theadditional real estate used in connection therewith, shall be valued,assessed and taxed by the same standards, methods and procedures as othertaxable structures and other real estate in the locality.

D. In addition, such real estate in agricultural, horticultural, forest oropen space use shall be evaluated on the basis of fair market value asapplied to other real estate in the taxing jurisdiction, and land bookrecords shall be maintained to show both the use value and the fair marketvalue of such real estate.

(Code 1950, 58-769.9; 1971, Ex. Sess., c. 172; 1984, c. 675.)