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2007 SESSION

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HB 2203 Subaqueous lands; parties in City of Norfolk to pay amount commensurate with property interest.

Introduced by: Leo C. Wardrup, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Conveyance of subaqueous lands.  Clarifies that the three parties who were authorized in 2006 to receive conveyances of parcels of state-owned bottomlands located in the City of Norfolk shall compensate the Commonwealth in an amount equal to 25% of the assessed value of the land being conveyed, unless the Marine Resources Commission were to determine that unique circumstances warrant compensation in an amount less than 25% of the assessed value.

SUMMARY AS INTRODUCED:

Conveyance of subaqueous lands.  Clarifies that the three parties who were authorized to receive conveyances of parcels of subaqueous lands located in the City of Norfolk in 2006 will not have to pay fair market value for these properties.  The bill exempts them from having to pay fair market value because they have paid local real estate taxes on these parcels along with the adjacent upland properties since they have owned the properties.