{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-3295.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-3295.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-3295.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-3295.1.html"}],"law_id":82588,"edition_id":1,"section_id":82588,"structure_id":13051,"section_number":"58.1-3295.1","catch_line":"Assessment of real property; residential rental apartments","history":"2012, cc. 536, 707.","full_text":"A\n\nNotwithstanding any other provision of law, general or special, in any appeal of the real property assessment of real property defined below as residential rental apartments in excess of four units filed by a taxpayer pursuant to \u00a7 58.1-3379, the board of equalization shall consider:1\n\nThe actual gross income generated from such real property and any resultant loss in income attributable to vacancies, collection losses, and rent concessions;2\n\nThe actual operating expenses and expenditures and the impact of any additional expenses or expenditures; and3\n\nAny other evidence relevant to determining fair market value of such real property.B\n\nReal property subject to this section shall be limited to residential rental apartments containing more than four units. Individual attached or detached single-family dwelling units, regardless of whether such dwelling units are rented, shall not be subject to this section.C\n\nFor real property governed by this section, where only a portion of the real property is operated as residential rental apartments, the portion of such real property not operated as residential rental apartments shall not be subject to this section.D\n\nThe valuation of residential rental apartments governed by this section shall be made by the board using the income approach in accordance with this section, except when (i) such real property has been sold since the previous assessment, in which case the board may consider the sales price of such property; (ii) improvements on such real property are being constructed or renovated, in which case the board may consider the market value of such property; or (iii) the value arrived at by the income approach is not otherwise in accordance with generally accepted appraisal practices and standards prescribed by the International Association of Assessing Officers (IAAO), in which case the board may consider the market value of such property.","order_by":null,"text":{"0":{"id":295892,"text":"Notwithstanding any other provision of law, general or special, in any appeal of the real property assessment of real property defined below as residential rental apartments in excess of four units filed by a taxpayer pursuant to \u00a7 58.1-3379, the board of equalization shall consider:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":295893,"text":"The actual gross income generated from such real property and any resultant loss in income attributable to vacancies, collection losses, and rent concessions;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":295894,"text":"The actual operating expenses and expenditures and the impact of any additional expenses or expenditures; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":295895,"text":"Any other evidence relevant to determining fair market value of such real property.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":295896,"text":"Real property subject to this section shall be limited to residential rental apartments containing more than four units. Individual attached or detached single-family dwelling units, regardless of whether such dwelling units are rented, shall not be subject to this section.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":295897,"text":"For real property governed by this section, where only a portion of the real property is operated as residential rental apartments, the portion of such real property not operated as residential rental apartments shall not be subject to this section.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"6":{"id":295898,"text":"The valuation of residential rental apartments governed by this section shall be made by the board using the income approach in accordance with this section, except when (i) such real property has been sold since the previous assessment, in which case the board may consider the sales price of such property; (ii) improvements on such real property are being constructed or renovated, in which case the board may consider the market value of such property; or (iii) the value arrived at by the income approach is not otherwise in accordance with generally accepted appraisal practices and standards prescribed by the International Association of Assessing Officers (IAAO), in which case the board may consider the market value of such property.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13051,"edition_id":1,"name":"Reassessment\/Assessment (Valuation) Procedure and Practice","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":12997,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":257529,"object_type":"structure","relational_id":13051,"identifier":"7","token":"58.1\/III\/32\/7","url":"\/58.1\/III\/32\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12997,"edition_id":1,"name":"Real Property Tax","identifier":"32","label":"chapter","depth":3,"order_by":1,"parent_id":12704,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":256887,"object_type":"structure","relational_id":12997,"identifier":"32","token":"58.1\/III\/32","url":"\/58.1\/III\/32\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12704,"edition_id":1,"name":"Local Taxes","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":256459,"object_type":"structure","relational_id":12704,"identifier":"III","token":"58.1\/III","url":"\/58.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58961,"structure_id":13051,"section_number":"58.1-3280","catch_line":"Assessment of values","url":"\/58.1-3280\/","token":"58.1\/III\/32\/7\/58.1-3280","metadata":false},{"id":81867,"structure_id":13051,"section_number":"58.1-3281","catch_line":"When commissioner of the revenue to ascertain ownership of real estate; tax year","url":"\/58.1-3281\/","token":"58.1\/III\/32\/7\/58.1-3281","metadata":false},{"id":87328,"structure_id":13051,"section_number":"58.1-3282","catch_line":"When land and improvements owned separately; how assessed","url":"\/58.1-3282\/","token":"58.1\/III\/32\/7\/58.1-3282","metadata":false},{"id":76299,"structure_id":13051,"section_number":"58.1-3283","catch_line":"Assessment of airspace owned separately from subjacent land surface","url":"\/58.1-3283\/","token":"58.1\/III\/32\/7\/58.1-3283","metadata":false},{"id":87364,"structure_id":13051,"section_number":"58.1-3284","catch_line":"Assessment of standing timber trees owned by person who owns land surface; when owned separately","url":"\/58.1-3284\/","token":"58.1\/III\/32\/7\/58.1-3284","metadata":false},{"id":62439,"structure_id":13051,"section_number":"58.1-3284.1","catch_line":"Assessment of lots and open spaces in certain planned development subdivisions","url":"\/58.1-3284.1\/","token":"58.1\/III\/32\/7\/58.1-3284.1","metadata":false},{"id":86138,"structure_id":13051,"section_number":"58.1-3284.2","catch_line":"Reassessment of residential property containing defective drywall","url":"\/58.1-3284.2\/","token":"58.1\/III\/32\/7\/58.1-3284.2","metadata":false},{"id":70860,"structure_id":13051,"section_number":"58.1-3284.3","catch_line":"Wetlands to be specially and separately assessed","url":"\/58.1-3284.3\/","token":"58.1\/III\/32\/7\/58.1-3284.3","metadata":false},{"id":65894,"structure_id":13051,"section_number":"58.1-3285","catch_line":"Assessment and reassessment of lots when subdivided or rezoned","url":"\/58.1-3285\/","token":"58.1\/III\/32\/7\/58.1-3285","metadata":false},{"id":56861,"structure_id":13051,"section_number":"58.1-3286","catch_line":"Mineral lands to be specially and separately assessed; severance tax","url":"\/58.1-3286\/","token":"58.1\/III\/32\/7\/58.1-3286","metadata":false},{"id":55946,"structure_id":13051,"section_number":"58.1-3287","catch_line":"Mineral lands and minerals to be included in general reassessment of real estate","url":"\/58.1-3287\/","token":"58.1\/III\/32\/7\/58.1-3287","metadata":false},{"id":81904,"structure_id":13051,"section_number":"58.1-3288","catch_line":"Assessment in name of \"unknown owner.\"","url":"\/58.1-3288\/","token":"58.1\/III\/32\/7\/58.1-3288","metadata":false},{"id":85884,"structure_id":13051,"section_number":"58.1-3289","catch_line":"Reserved","url":"\/58.1-3289\/","token":"58.1\/III\/32\/7\/58.1-3289","metadata":false},{"id":63787,"structure_id":13051,"section_number":"58.1-3290","catch_line":"How land divided among several owners to be assessed","url":"\/58.1-3290\/","token":"58.1\/III\/32\/7\/58.1-3290","metadata":false},{"id":55418,"structure_id":13051,"section_number":"58.1-3291","catch_line":"Valuation of repairs, additions and new buildings","url":"\/58.1-3291\/","token":"58.1\/III\/32\/7\/58.1-3291","metadata":false},{"id":54109,"structure_id":13051,"section_number":"58.1-3292","catch_line":"Assessment of new buildings substantially completed, etc.; extension of time for paying assessment","url":"\/58.1-3292\/","token":"58.1\/III\/32\/7\/58.1-3292","metadata":false},{"id":80769,"structure_id":13051,"section_number":"58.1-3292.1","catch_line":"Assessment of new buildings substantially completed in a county operating under the urban county executive form of government, and in certain other cities and counties; extension of time for paying assessment","url":"\/58.1-3292.1\/","token":"58.1\/III\/32\/7\/58.1-3292.1","metadata":false},{"id":81177,"structure_id":13051,"section_number":"58.1-3293","catch_line":"Building, etc., when damaged or destroyed, value to be reduced","url":"\/58.1-3293\/","token":"58.1\/III\/32\/7\/58.1-3293","metadata":false},{"id":80388,"structure_id":13051,"section_number":"58.1-3294","catch_line":"Reports of income data by owners of income-producing realty; certification; confidentiality","url":"\/58.1-3294\/","token":"58.1\/III\/32\/7\/58.1-3294","metadata":false},{"id":72326,"structure_id":13051,"section_number":"58.1-3295","catch_line":"Assessment of real property; affordable rental housing","url":"\/58.1-3295\/","token":"58.1\/III\/32\/7\/58.1-3295","metadata":false},{"id":82588,"structure_id":13051,"section_number":"58.1-3295.1","catch_line":"Assessment of real property; residential rental apartments","url":"\/58.1-3295.1\/","token":"58.1\/III\/32\/7\/58.1-3295.1","metadata":false},{"id":60915,"structure_id":13051,"section_number":"58.1-3295.2","catch_line":"Assessment or exemption of certain real property conveyed or owned by a community land trust","url":"\/58.1-3295.2\/","token":"58.1\/III\/32\/7\/58.1-3295.2","metadata":false},{"id":63091,"structure_id":13051,"section_number":"58.1-3295.3","catch_line":"Assessment of real property; data centers","url":"\/58.1-3295.3\/","token":"58.1\/III\/32\/7\/58.1-3295.3","metadata":false}],"previous_section":{"id":72326,"structure_id":13051,"section_number":"58.1-3295","catch_line":"Assessment of real property; affordable rental housing","url":"\/58.1-3295\/","token":"58.1\/III\/32\/7\/58.1-3295","metadata":false},"next_section":{"id":60915,"structure_id":13051,"section_number":"58.1-3295.2","catch_line":"Assessment or exemption of certain real property conveyed or owned by a community land trust","url":"\/58.1-3295.2\/","token":"58.1\/III\/32\/7\/58.1-3295.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-3295.1\/","history_text":"

This law was first created in 2012. The record of its establishment is cataloged in chapters 536<\/a> and 707<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":63255,"section_number":"58.1-3379","catch_line":"Hearing complaints and equalizing assessments","order_by":null,"url":"\/58.1-3379\/"}],"permalink":{"id":257611,"object_type":"law","relational_id":82588,"identifier":"58.1-3295.1","token":"58.1\/III\/32\/7\/58.1-3295.1","url":"\/58.1-3295.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-3295.1\/","token":"58.1\/III\/32\/7\/58.1-3295.1","dublin_core":{"Title":"Assessment of real property; residential rental apartments","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-3295.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding any other provision of law<\/span>, general or special, in any appeal<\/span> of the real property assessment of real property defined below as residential rental apartments in excess of four units filed by a taxpayer<\/span> pursuant to \u00a7 58.1-3379<\/a>, the board of equalization shall consider: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The actual gross income generated from such real property and any resultant loss in income attributable to vacancies, collection losses, and rent concessions; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The actual operating expenses and expenditures and the impact of any additional expenses or expenditures; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any other evidence<\/span> relevant to determining fair market value of such real property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Real property subject to this section shall be limited to residential rental apartments containing more than four units. Individual attached or detached single-family dwelling units, regardless of whether such dwelling units are rented, shall not be subject to this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For real property governed by this section, where only a portion of the real property is operated as residential rental apartments, the portion of such real property not operated as residential rental apartments shall not be subject to this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The valuation of residential rental apartments governed by this section shall be made by the board using the income approach in accordance with this section, except when (i) such real property has been sold since the previous assessment, in which case the board may consider the sales price of such property; (ii) improvements on such real property are being constructed or renovated, in which case the board may consider the market value of such property; or (iii) the value arrived at by the income approach is not otherwise in accordance with generally accepted appraisal practices and standards prescribed by the International Association of Assessing Officers (IAAO), in which case the board may consider the market value of such property. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSESSMENT OF REAL PROPERTY; RESIDENTIAL RENTAL APARTMENTS (\u00a7 58.1-3295.1)\n\nA. Notwithstanding any other provision of law, general or special, in any appeal\nof the real property assessment of real property defined below as residential\nrental apartments in excess of four units filed by a taxpayer pursuant to \u00a7\n58.1-3379, the board of equalization shall consider:\n\n 1. The actual gross income generated from such real property and any resultant\n loss in income attributable to vacancies, collection losses, and rent\n concessions;\n\n 2. The actual operating expenses and expenditures and the impact of any\n additional expenses or expenditures; and\n\n 3. Any other evidence relevant to determining fair market value of such real\n property.\n\nB. Real property subject to this section shall be limited to residential rental\napartments containing more than four units. Individual attached or detached\nsingle-family dwelling units, regardless of whether such dwelling units are\nrented, shall not be subject to this section.\n\nC. For real property governed by this section, where only a portion of the real\nproperty is operated as residential rental apartments, the portion of such real\nproperty not operated as residential rental apartments shall not be subject to\nthis section.\n\nD. The valuation of residential rental apartments governed by this section shall\nbe made by the board using the income approach in accordance with this section,\nexcept when (i) such real property has been sold since the previous assessment,\nin which case the board may consider the sales price of such property; (ii)\nimprovements on such real property are being constructed or renovated, in which\ncase the board may consider the market value of such property; or (iii) the\nvalue arrived at by the income approach is not otherwise in accordance with\ngenerally accepted appraisal practices and standards prescribed by the\nInternational Association of Assessing Officers (IAAO), in which case the board\nmay consider the market value of such property.\n\nHISTORY: 2012, cc. 536, 707.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}