                                 CODE OF VIRGINIA

PROJECTS; EXEMPTION FROM TAXATION (§ 23.1-1115)

The acquisition, erection, leasing, operation, and maintenance of any project
authorized by this chapter are for the benefit of the citizens of the
Commonwealth, for the increase of their pleasure, knowledge, and welfare, and
for the dissemination of education among them. Each institution performs a
governmental function and is an incorporated institution of learning in carrying
out its purposes and exercising its powers pursuant to this chapter and, so far
as may be consistent with the Constitution of Virginia, is not required to pay
taxes or assessments of any kind upon any project that it (i) acquires, erects,
or leases and (ii) operates and maintains. Any such project is exempt from
taxation and, insofar as may be permitted under the Constitution of Virginia,
the bonds of such institution are exempt from taxation except for inheritance
taxes.

HISTORY: 1933, p. 91, § 23-25; 2016, c. 588.