2006 Code of Virginia § 58.1-3284.1 - Assessment of lots and open spaces in certain planned development subdivisions

58.1-3284.1. Assessment of lots and open spaces in certain planneddevelopment subdivisions.

A. Residential or commercial property, which is part of a planned developmentwhich contains open or common space, which includes the right by easement,covenant, deed or other interest in real estate, to the use of the open orcommon space, shall be assessed at a value which includes the proportionalshare of the value of such open or common space.

All real property used for open or common space pursuant to this sectionshall be construed as having no value in itself for assessment purposes. Itsonly value lies in the value that is attached to the residential orcommercial property which has a right by easement, covenant, deed or otherinterest.

"Open or common space" shall, for purposes of this section, include parks,parking areas, private streets, walkways, recreational facilities, natural orimproved areas, lakes, ponds, recreational, community service, or maintenancebuildings or structures, or any other property used and owned by an automaticmembership corporation or association. It shall also include such propertythat is part of a planned residential development initially recorded beforeJanuary 1, 1985, that is exempt from the requirements of the Property Owners'Association Act pursuant to 55-508 and did not include automatic membershipin a membership corporation or association in its declaration.

B. No locality shall assess real estate taxes against a membershipcorporation or association for open or common space except as may bepermitted pursuant to this section. Every locality shall reassess such openor common space, and the planned development of which it is part, as of thedate of transfer of such open or common space to the association. Thedeveloper of such planned development shall pay all real estate taxesattributable to such open or common space at the time of transfer as providedin 55-509.1.

(1985, c. 550; 1993, c. 956; 2005, c. 218.)