2006 Code of Virginia § 58.1-3285 - Assessment and reassessment of lots when subdivided or rezoned

58.1-3285. Assessment and reassessment of lots when subdivided or rezoned.

Whenever a tract of land is subdivided into lots under the provisions of lawand plats thereof are recorded, subsequent to any general reassessment ofreal estate in the city or county in which such real estate is situated, eachlot in such subdivision shall be assessed and shown separately upon the landbooks, as required by law. The commissioner of the revenue, in assessing eachsuch lot, shall assess the same at fair market value as of January 1 of theyear next succeeding the year in which such plat is recorded, without regardto the value at which such tract of land was assessed as acreage but withregard to other assessments of lots in such city or county. Such assessmentshall stand until the next general reassessment of real estate in such cityor county. The commissioner of the revenue shall also assess or reassess, asrequired, any lot, tract, piece or parcel of land which has been rezoned,reclassified or as to which any exception has been made, by the zoningauthorities of the county. Further, the commissioner of the revenue shallassess or reassess, as required, any lot, tract, piece or parcel of land uponor to which improvements have been made, such as hard surfacing of streets orroadways, or installation of curbs, gutters, sidewalks and utilities, any oneor all of which may add to the fair market value. Such an assessment shall bemade with regard to other assessments of lots, tracts, pieces or parcels ofland in the city or county. To such end the commissioner of the revenue shallbe supplied by the city or county with the necessary data and records toindicate any rezoning, reclassification, exception or improvement.

(Code 1950, 58-772.1; 1950, p. 1017; 1954, c. 515; 1984, c. 675.)