                                 CODE OF VIRGINIA

EXEMPTIONS FROM TAXES OR ASSESSMENTS; PAYMENTS TO COUNTY OR CITY IN LIEU OF
TAXES (§ 5.1-2.17)

The exercise of the powers granted by this chapter will be in all respects for
the benefit of the people of the Commonwealth, for the increase of their
commerce and prosperity, and for the improvement of their health and living
conditions, and as the operation and maintenance of airport projects by the
Board will constitute the performance of essential governmental functions. The
Board shall not be required to pay any taxes or assessments upon any airport
project or any property acquired or used by the Board under the provisions of
this chapter or upon the income therefrom, and any bonds issued under the
provisions of this chapter, their transfer and the income therefrom, including
any profit made on the sale thereof, shall at all times be free from taxation
within the Commonwealth; provided that the exemption hereby granted shall not be
construed to extend to persons conducting on the premises of an airport
businesses for which local or state taxes would otherwise be required. When the
bonds or other obligations of the Board issued in connection with the
acquisition, construction or improvement of an airport or air navigation
facility have been paid, or at an earlier date if the Board deems it financially
feasible, the Board shall enter into negotiations with the governing body of the
political subdivision in which such airport or facility is located and may agree
with such governing body on sums to be paid to the county or city in lieu of
taxes. In case of disagreement as to the value of the property, an appeal shall
lie to the circuit court of the jurisdiction in which the airport or facility is
located which court shall determine the value of such property and the ratio of
assessed to true values of property in such political subdivision.

HISTORY: 1980, c. 750.