                                 CODE OF VIRGINIA

ASSESSMENT OF REAL PROPERTY; RESIDENTIAL RENTAL APARTMENTS (§ 58.1-3295.1)

A. Notwithstanding any other provision of law, general or special, in any appeal
of the real property assessment of real property defined below as residential
rental apartments in excess of four units filed by a taxpayer pursuant to §
58.1-3379, the board of equalization shall consider:

   1. The actual gross income generated from such real property and any resultant
   loss in income attributable to vacancies, collection losses, and rent
   concessions;

   2. The actual operating expenses and expenditures and the impact of any
   additional expenses or expenditures; and

   3. Any other evidence relevant to determining fair market value of such real
   property.

B. Real property subject to this section shall be limited to residential rental
apartments containing more than four units. Individual attached or detached
single-family dwelling units, regardless of whether such dwelling units are
rented, shall not be subject to this section.

C. For real property governed by this section, where only a portion of the real
property is operated as residential rental apartments, the portion of such real
property not operated as residential rental apartments shall not be subject to
this section.

D. The valuation of residential rental apartments governed by this section shall
be made by the board using the income approach in accordance with this section,
except when (i) such real property has been sold since the previous assessment,
in which case the board may consider the sales price of such property; (ii)
improvements on such real property are being constructed or renovated, in which
case the board may consider the market value of such property; or (iii) the
value arrived at by the income approach is not otherwise in accordance with
generally accepted appraisal practices and standards prescribed by the
International Association of Assessing Officers (IAAO), in which case the board
may consider the market value of such property.

HISTORY: 2012, cc. 536, 707.