State Codes and Statutes
Statutes > Virginia > Title-5-1 > Chapter-1 > 5-1-2-17§ 5.1-2.17. Exemptions from taxes or assessments; payments to county or cityin lieu of taxes.
The exercise of the powers granted by this chapter will be in all respectsfor the benefit of the people of the Commonwealth, for the increase of theircommerce and prosperity, and for the improvement of their health and livingconditions, and as the operation and maintenance of airport projects by theBoard will constitute the performance of essential governmental functions.The Board shall not be required to pay any taxes or assessments upon anyairport project or any property acquired or used by the Board under theprovisions of this chapter or upon the income therefrom, and any bonds issuedunder the provisions of this chapter, their transfer and the incometherefrom, including any profit made on the sale thereof, shall at all timesbe free from taxation within the Commonwealth; provided that the exemptionhereby granted shall not be construed to extend to persons conducting on thepremises of an airport businesses for which local or state taxes wouldotherwise be required. When the bonds or other obligations of the Boardissued in connection with the acquisition, construction or improvement of anairport or air navigation facility have been paid, or at an earlier date ifthe Board deems it financially feasible, the Board shall enter intonegotiations with the governing body of the political subdivision in whichsuch airport or facility is located and may agree with such governing body onsums to be paid to the county or city in lieu of taxes. In case ofdisagreement as to the value of the property, an appeal shall lie to thecircuit court of the jurisdiction in which the airport or facility is locatedwhich court shall determine the value of such property and the ratio ofassessed to true values of property in such political subdivision.
(1980, c. 750.)
