                                 CODE OF VIRGINIA

REAL ESTATE SUBJECT TO LOCAL TAXATION; TAXABLE REAL ESTATE DEFINED; LEASEHOLDS
(§ 58.1-3200)

All taxable real estate, having been segregated for and made subject to local
taxation only by Article X, Section 4 of the Constitution of Virginia, shall be
assessed for local taxation in accordance with the provisions of this chapter
and other provisions of law. For purposes of the assessment of real estate for
taxation, the term &#8220;taxable real estate&#8221; shall include a leasehold
interest in every case in which the land or improvements, or both, as the case
may be, are exempt from assessment for taxation to the owner. The provisions of
this chapter relating to the assessment of real estate shall not apply to
property required by law to be assessed by the State Corporation Commission or
the Department of Taxation.

HISTORY: Code 1950, § 58-758; 1954, c. 317; 1984, c. 675; 1985, c. 221.