                                 CODE OF VIRGINIA

ASSESSMENT OF LOTS AND OPEN SPACES IN CERTAIN PLANNED DEVELOPMENT SUBDIVISIONS
(§ 58.1-3284.1)

A. Residential or commercial property, which is part of a planned development
which contains open or common space, which includes the right by easement,
covenant, deed or other interest in real estate, to the use of the open or
common space, shall be assessed at a value which includes the proportional share
of the value of such open or common space.
			All real property used for open or common space pursuant to this section
shall be construed as having no value in itself for assessment purposes. Its
only value lies in the value that is attached to the residential or commercial
property which has a right by easement, covenant, deed or other interest.
			&#8220;Open or common space&#8221; shall, for purposes of this section,
include parks, parking areas, private streets, walkways, recreational
facilities, natural or improved areas, lakes, ponds, recreational, community
service, or maintenance buildings or structures, or any other property used and
owned by an automatic membership corporation or association. It shall also
include such property that is part of a planned residential development
initially recorded before January 1, 1985, that is exempt from the requirements
of the Property Owners&#8217; Association Act pursuant to &#xA7; 55.1-1801 and
did not include automatic membership in a membership corporation or association
in its declaration.

B. No locality shall assess real estate taxes against a membership corporation
or association for open or common space except as may be permitted pursuant to
this section. Every locality shall reassess such open or common space, and the
planned development of which it is part, as of the date of transfer of such open
or common space to the association. The developer of such planned development
shall pay all real estate taxes attributable to such open or common space at the
time of transfer as provided in &#xA7; 55.1-1802.

HISTORY: 1985, c. 550; 1993, c. 956; 2005, c. 218.