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1998 SESSION
989324297RESOLVED by the House of Delegates, the Senate concurring, a majority of the members elected to each house agreeing, That the following amendment to the Constitution of Virginia be, and the same hereby is, proposed and referred to the General Assembly at its first regular session held after the next general election of members of the House of Delegates for its concurrence in conformity with the provisions of Section 1 of Article XII of the Constitution of Virginia, namely:
Amend Section 4 of Article X of the Constitution of Virginia as follows:
Section 4. Property segregated for local taxation; exceptions.
Real estate, coal and other mineral lands, and tangible personal property, except the rolling stock of public service corporations, are hereby segregated for, and made subject to, local taxation only, and shall be assessed for local taxation in such manner and at such times as the General Assembly may prescribe by general law.
The General Assembly, by general law, may exempt all or a defined portion of any class of personal property from local taxation. Such law shall provide for reimbursement to the local governments by the Commonwealth of the total amount of revenues which the exempt property would produce in tax collections, including future growth of said collections.