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2003 SESSION
039067524RESOLVED by the Senate, the House of Delegates concurring, a majority of the members elected to each house agreeing, That the following amendment to the Constitution of Virginia be, and the same hereby is, proposed and referred to the General Assembly at its first regular session held after the next general election of members of the House of Delegates for its concurrence in conformity with the provisions of Section 1 of Article XII of the Constitution of Virginia, namely:
Amend Section 2 of Article X of the Constitution of Virginia as follows:
Section 2. Assessments.
All Except as provided herein, all assessments of real estate and tangible
personal property shall be at their fair market value, to be ascertained as
prescribed by law. For assessments of real estate, a county, city, or
town, in lieu of fair market value assessments, may by ordinance provide for
the assessment of real estate at no more than 105 percent of the assessed value
of such property in the preceding tax year. A county, city, or town using such
alternative to fair market value assessment shall assess all real estate within
its geographical boundaries at no more than 105 percent of the assessed value
of such property in the preceding tax year and shall apply the same factor for
increasing assessments to all real estate; however, if real property is sold or
improved, it shall be assessed at fair market value for taxation purposes for
the tax year in which such sale or improvement occurs, and such fair market
value assessment shall then be increased by no more than 105 percent in each
subsequent tax year for taxation purposes until such time as the property is
again sold or improved. The General Assembly shall enact such laws as may be
necessary to implement the provisions of this section.
The General Assembly may define and classify real estate devoted to agricultural, horticultural, forest, or open space uses, and may by general law authorize any county, city, town, or regional government to allow deferral of, or relief from, portions of taxes otherwise payable on such real estate if it were not so classified, provided the General Assembly shall first determine that classification of such real estate for such purpose is in the public interest for the preservation or conservation of real estate for such uses. In the event the General Assembly defines and classifies real estate for such purposes, it shall prescribe the limits, conditions, and extent of such deferral or relief. No such deferral or relief shall be granted within the territorial limits of any county, city, town, or regional government except by ordinance adopted by the governing body thereof.
So long as the Commonwealth shall levy upon any public service corporation a State franchise, license, or other similar tax based upon or measured by its gross receipts or gross earnings, or any part thereof, its real estate and tangible personal property shall be assessed by a central State agency, as prescribed by law.