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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>54525</law_id><section_number>10.1-2207</section_number><catch_line>Property to reflect change in market value</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="10.1">Conservation</unit><unit label="subtitle" level="2" order_by="1" identifier="III">Activities Administered by the Department of Historic Resources</unit><unit label="chapter" level="3" order_by="1" identifier="22">Historic Resources</unit><unit label="article" level="4" order_by="1" identifier="1">Department of Historic Resources</unit></structure><text>
						<section><p>Where the Commonwealth has obtained from a landowner an easement or other partial interest in property which places restrictions on the use or development of that property so as to preserve those features which led to the designation of that property as an historic landmark, the easement or other partial interest shall be recorded in the clerk&#x2019;s office of the county or city where deeds are admitted to record. Assessments for local taxation of the property shall reflect any resulting change in the market value of the property, as prescribed by &#xA7;&#xA0;<a class="law" title="Assessment of real property where interest less than fee is held by public body; exemption of interest of public body from taxation" href="/58.1-3205/">58.1-3205</a>. The <span class="dictionary">Director</span> shall notify the official having the taxing power to make assessments of properties for purposes of taxation within the locality of the restrictions that have been placed on the property.</p></section></text><history>1966, c. 632, &#xA7;&#xA7; 10-138, 10-139; 1984, cc. 675, 750; 1986, c. 608; 1988, c. 891, &#xA7; 10.1-808; 1989, c. 656.</history><metadata></metadata></law>
