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2012 SESSION

12100442D
HOUSE BILL NO. 31
Offered January 11, 2012
Prefiled December 8, 2011
A BILL to amend the Code of Virginia by adding in Article 7 of Chapter 32 of Title 58.1 a section numbered 58.1-3296, relating to real property tax valuation; property's use restricted by law.
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Patron-- Marshall, R.G.
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Referred to Committee on Finance
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Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding in Article 7 of Chapter 32 of Title 58.1 a section numbered 58.1-3296 as follows:

§ 58.1-3296. Assessment of real property; use restricted by law.

When the use of real property is restricted by federal, state, or local law or regulation, fair market value shall be determined based solely on non-restricted uses. .