                                 CODE OF VIRGINIA

REVENUE SHARING AGREEMENTS (§ 15.2-6407)

A. Notwithstanding the requirements of Chapter 34 (&#xA7; 15.2-3400 et seq.),
the member localities may agree to a revenue and economic growth-sharing
arrangement with respect to tax revenues and other income and revenues generated
by any facility owned by an authority or a facility owned by a non-authority
utilized as part of a cooperative arrangement entered into by an authority
promoting economic and workforce development. Such member localities may be
located in any jurisdiction participating in the Appalachian Region Interstate
Compact or a similar agreement for interstate cooperation for economic and
workforce development authorized by law. The obligations of the parties to any
such agreement shall not be construed to be debt within the meaning of Article
VII, &#xA7; 10 of the Constitution of Virginia. Any such agreement shall be
approved by a majority vote of the governing bodies of the member localities
reaching such an agreement but shall not require any other approval.

B. With any such revenue and economic growth-sharing arrangement entered into by
localities, the Department of Taxation&#8217;s calculation of true values as
applied to the Commonwealth&#8217;s composite index of local ability-to-pay
shall take into account an agreement whereby a portion of real property tax
revenue is initially paid to one locality and redistributed to another locality.
Such calculation shall properly apportion the percentage of tax revenue
ultimately received by each locality. Each participating locality shall include
in reports to the Department of Taxation of its taxable real estate the
apportioned fair market value of the property upon which such revenue sharing is
based. The Department of Taxation shall collect annually, from each
participating locality, the taxable real estate value used to determine and
apportion the fair market value of the property adjustments upon which such
revenue sharing is based.

HISTORY: 1997, cc. 276, 587, § 15.1-1717; 2007, cc. 941, 947; 2019, c. 534;
2022, cc. 230, 231.