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2006 SESSION
066039554RESOLVED by the House of Delegates, the Senate 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 assessments of real estate and tangible personal property
shall be at their fair market value, to be ascertained as prescribed by law.
The General Assembly may define and classify real estate devoted to
agricultural, horticultural, forest, or open
space, or water-dependent 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.