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2017 SESSION
17104394DBe 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.
A. Any
duly authorized real estate assessor, board of assessors, or department of real
estate assessments may 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 on or before a time specified, which time may be
extended for not less than ninety 90 days, upon application of
the owner of such property statements of the income and expenses attributable
over a specified period of time to each such parcel of real estate. In lieu of such statements of income and expenses,
the owner of such property may furnish other documents relevant
to the valuation of the property, including but not limited to tax
returns setting forth taxable income earned from the real estate, appraisals,
or other documents relevant to the valuation of the
property. Each such statement or
document shall be certified as to its accuracy by an owner
of the real estate for which the statement or
document is furnished, or a duly authorized agent thereof.
B. Any statement or document required by this section shall be kept confidential in accordance with the provisions of § 58.1-3.
C. 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 either
a statement of income and expenses, or in lieu of such
statements, the documents set forth in subsection A, 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 statements or documents
in any judicial action brought under § 58.1-3984. Nothing in this section
shall be construed to prohibit an owner
or his representative from introducing statements of income and expenses in any
such judicial action if any of the documents set forth in subsection A were
furnished as required by this section. Nothing
in this section shall be construed to prohibit the use or consideration of any
such statement of income and expense in a complaint before a board of
equalization pursuant to § 58.1-3379, as long as it is submitted to the board
no later than the appeal filing deadline of such board.