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2008 SESSION
081139644Be it enacted by the General Assembly of Virginia:
1. That § 58.1-3294 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3294. Reports of income data by owners of income-producing realty; certification; confidentiality.
Any duly authorized real estate assessor, board of assessors,
or department of real estate assessments may shall require that the owners of income-producing real estate in
the county or city subject to local taxation, except property
producing income solely from the rental of no more than four dwelling units, and
except property being used exclusively as an owner-occupied property, not as a
hotel, motel, or office building over 12,000 square feet, and not engaged in a
retail or wholesale business where merchandise for sale is displayed, furnish
to such assessor, board or department annually on
or before a time specified, which time may be extended for not less than ninety
days, upon application of the owner of such property (i) the federal
income tax return as it relates to each parcel of real
estate for the current year,
or (ii) statements of the income and expenses, certified as to
their accuracy by the owner or a duly authorized agent thereof,
attributable over a specified period of time to for the current year for each such parcel of real estate. Each
such statement shall be certified as to its accuracy by an owner of the real
estate for which the statement is furnished, or a duly authorized agent
thereof. Any statement required by this section shall be kept
confidential in accordance with the provisions of § 58.1-3. The failure of the
owner of income-producing property, except property
producing income solely from the rental of no more than four dwelling units,
and except property being used exclusively as an owner-occupied
property, not as a hotel, motel, or office building over 12,000 square feet,
and not engaged in a retail or wholesale business where merchandise for sale is
displayed, to furnish a federal income tax return or a
statement of income and expenses as required by this section shall bar such
owner or his representative from introducing into evidence, or using in any
other manner, any of the required but not furnished income and expense
information in any judicial action brought under § 58.1-3984.