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2016 SESSION
16102386DBe it enacted by the General Assembly of Virginia:
1. That § 28.2-612 of the Code of Virginia is amended and reenacted as follows:
§ 28.2-612. Payment of annual rental; penalty for default.
The A. Except as provided in subsection B, the applicant
shall pay to the Commission annual rent of $1.50 per acre or any fraction
thereof, except as provided for the Chesapeake Bay and for bathing ground. Such
payment shall be due on September 1 of each year after the date of assignment,
plus a ten 10
percent penalty if not paid on or before December 5.
B. On and after July 1, 2016, the annual rent for leasing any planting ground within 1,000 feet of mean low water of residential property shall be $5,000 per acre or any fraction thereof.