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1995 SESSION

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LD1567180
HOUSE BILL NO. 909 Offered January 25, 1994 A BILL to amend the Code of Virginia by adding a section numbered 58.1-3237.01, relating to roll-back taxes. ---------- Patrons--Croshaw and McDonnell ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 58.1-3237.01 as follows:

§ 58.1-3237.01. Roll-back taxes; family farm exemption.

Liability to the roll-back taxes shall not attach when a change in ownership of the title to real estate takes place if the transfer is a gift of no more than three acres to a member of the owner's immediate family, and such family member uses the real estate for the purposes of constructing his own single family home. No more than two such transfers by gift shall qualify under this section. For purposes of this section, "immediate family" shall mean children.