{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-3295.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-3295.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-3295.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-3295.2.html"}],"law_id":60915,"edition_id":1,"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","history":"2018, c. 436.","full_text":"A\n\nNotwithstanding any other provision of law, in determining the fair market value of structural improvements conveyed by a community land trust as defined in \u00a7 55.1-1200, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase such structural improvements at a price determined by a formula that is designed to ensure that the improvements remain affordable in perpetuity to low-income and moderate-income families earning less than 120 percent of the area median income, adjusted for family size, the duly authorized real estate assessor shall consider:1\n\nRestrictions on the price at which the improvements may be sold, as evidenced by a ground lease or memorandum thereof duly recorded with the land records of the jurisdiction with taxing authority; and2\n\nThe amount of debt incurred by the owner of the improvements as evidenced by a deed of trust or leasehold deed of trust on the improvements or underlying real property owned by the community land trust and that earns no interest and requires no repayment prior to satisfaction of any interest-earning promissory note or a subsequent transfer of the property, whichever comes first.B\n\nNotwithstanding any other provision of law, in determining the fair market value of real property owned by a community land trust, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase any structural improvements on the real property at a price determined by a formula that is designed to ensure that the improvements remain affordable to low-income and moderate-income families earning less than 120 percent of the area median income, adjusted for family size, in perpetuity, the duly authorized real estate assessor shall utilize the income approach and, in so doing, shall consider the property’s current use, the contract rent, the income restrictions, and provisions of any arms-length contract, including restrictions on the transfer of title or other restraints on the alienation of the real property.","order_by":null,"text":{"0":{"id":222802,"text":"Notwithstanding any other provision of law, in determining the fair market value of structural improvements conveyed by a community land trust as defined in \u00a7 55.1-1200, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase such structural improvements at a price determined by a formula that is designed to ensure that the improvements remain affordable in perpetuity to low-income and moderate-income families earning less than 120 percent of the area median income, adjusted for family size, the duly authorized real estate assessor shall consider:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":222803,"text":"Restrictions on the price at which the improvements may be sold, as evidenced by a ground lease or memorandum thereof duly recorded with the land records of the jurisdiction with taxing authority; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":222804,"text":"The amount of debt incurred by the owner of the improvements as evidenced by a deed of trust or leasehold deed of trust on the improvements or underlying real property owned by the community land trust and that earns no interest and requires no repayment prior to satisfaction of any interest-earning promissory note or a subsequent transfer of the property, whichever comes first.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":222805,"text":"Notwithstanding any other provision of law, in determining the fair market value of real property owned by a community land trust, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase any structural improvements on the real property at a price determined by a formula that is designed to ensure that the improvements remain affordable to low-income and moderate-income families earning less than 120 percent of the area median income, adjusted for family size, in perpetuity, the duly authorized real estate assessor shall utilize the income approach and, in so doing, shall consider the property’s current use, the contract rent, the income restrictions, and provisions of any arms-length contract, including restrictions on the transfer of title or other restraints on the alienation of the real property.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"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; 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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":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},"next_section":{"id":63091,"structure_id":13051,"section_number":"58.1-3295.3","catch_line":"Assessment of real property; 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This law was first created in 2018. The record of its establishment is cataloged in chapter 436<\/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":61413,"section_number":"55.1-1200","catch_line":"Definitions","order_by":null,"url":"\/55.1-1200\/"}],"permalink":{"id":257615,"object_type":"law","relational_id":60915,"identifier":"58.1-3295.2","token":"58.1\/III\/32\/7\/58.1-3295.2","url":"\/58.1-3295.2\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-3295.2\/","token":"58.1\/III\/32\/7\/58.1-3295.2","dublin_core":{"Title":"Assessment or exemption of certain real property conveyed or owned by a community land trust","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-3295.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding any other provision of law<\/span>, in determining the fair market value of structural improvements conveyed by a community land trust as defined in \u00a7 55.1-1200<\/a>, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase such structural improvements at a price determined by a formula that is designed to ensure that the improvements remain affordable in perpetuity to low-income and moderate-income families earning less than 120 percent of the area median income, adjusted for family size, the duly authorized real estate assessor shall consider: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Restrictions on the price at which the improvements may be sold, as evidenced by a ground lease or memorandum<\/span> thereof duly recorded with the land records of the jurisdiction<\/span> with taxing authority; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The amount of debt incurred by the owner of the improvements as evidenced by a deed of trust or leasehold deed of trust on the improvements or underlying real property owned by the community land trust and that earns no interest and requires no repayment prior to satisfaction of any interest-earning promissory note or a subsequent transfer of the property, whichever comes first. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any other provision of law<\/span>, in determining the fair market value of real property owned by a community land trust, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase any structural improvements on the real property at a price determined by a formula that is designed to ensure that the improvements remain affordable to low-income and moderate-income families earning less than 120 percent of the area median income, adjusted for family size, in perpetuity, the duly authorized real estate assessor shall utilize the income approach and, in so doing, shall consider the property’s current use, the contract<\/span> rent, the income restrictions, and provisions of any arms-length contract<\/span>, including restrictions on the transfer of title or other restraints on the alienation of the real property. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSESSMENT OR EXEMPTION OF CERTAIN REAL PROPERTY CONVEYED OR OWNED BY A\nCOMMUNITY LAND TRUST (\u00a7 58.1-3295.2)\n\nA. Notwithstanding any other provision of law, in determining the fair market\nvalue of structural improvements conveyed by a community land trust as defined\nin \u00a7 55.1-1200, subject to a ground lease having a term of at least 90 years,\nwhile retaining a preemptive option to purchase such structural improvements at\na price determined by a formula that is designed to ensure that the improvements\nremain affordable in perpetuity to low-income and moderate-income families\nearning less than 120 percent of the area median income, adjusted for family\nsize, the duly authorized real estate assessor shall consider:\n\n 1. Restrictions on the price at which the improvements may be sold, as\n evidenced by a ground lease or memorandum thereof duly recorded with the land\n records of the jurisdiction with taxing authority; and\n\n 2. The amount of debt incurred by the owner of the improvements as evidenced\n by a deed of trust or leasehold deed of trust on the improvements or\n underlying real property owned by the community land trust and that earns no\n interest and requires no repayment prior to satisfaction of any\n interest-earning promissory note or a subsequent transfer of the property,\n whichever comes first.\n\nB. Notwithstanding any other provision of law, in determining the fair market\nvalue of real property owned by a community land trust, subject to a ground\nlease having a term of at least 90 years, while retaining a preemptive option to\npurchase any structural improvements on the real property at a price determined\nby a formula that is designed to ensure that the improvements remain affordable\nto low-income and moderate-income families earning less than 120 percent of the\narea median income, adjusted for family size, in perpetuity, the duly authorized\nreal estate assessor shall utilize the income approach and, in so doing, shall\nconsider the property’s current use, the contract rent, the income\nrestrictions, and provisions of any arms-length contract, including restrictions\non the transfer of title or other restraints on the alienation of the real\nproperty.\n\nHISTORY: 2018, c. 436.","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}}