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1995 SESSION

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LD8818749
SENATE BILL NO. 709 Offered January 11, 1995 A BILL to amend the Code of Virginia by adding a section numbered 58.1-3650.610, designating certain organizations to be exempt from property taxation. ---------- Patrons--Waddell; Delegates: May and Mims ---------- Referred to the 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 58.1-3650.610 as follows:

§ 58.1-3650.610. Property of the Compass and Anchor Club.

A. The Compass and Anchor Club, a nonprofit organization, is hereby designated as a charitable organization within the context of Section 6(a)(6) of Article X of the Constitution of Virginia.

B. Property located in Loudoun County, owned by the Compass and Anchor Club and used by it exclusively for charitable purposes on a nonprofit basis as set forth in subsection A of this section, is hereby determined to be exempt from local taxation.