§ 58.1-3203. Taxation of certain leasehold interests; concessions.
All leasehold interests in real property which is exempt from assessment fortaxation from the owner shall be assessed for local taxation to the lessee.If the remaining term of the lease is fifty years or more, or the leasepermits the lessee to acquire the real property for a nominal sum at thecompletion of the term, such leasehold interest shall be assessed as if thelessee were the owner. Otherwise, such assessment shall be reduced twopercent for each year that the remainder of such term is less than fiftyyears; however, no such assessment shall be reduced more than eighty-fivepercent. If the lessee has a right to renew without the consent of thelessor, the term of such lease shall be the sum of the original lease termplus all such renewal terms.
When any real property is exempt from taxation under Section 6 (a) (1) or (2)or by designation under Section 6 (a) (6) of Article X of the Constitution ofVirginia, the leasehold interest in such property may also be exempt fromtaxation, provided that the property is leased to a lessee who is exempt fromtaxation pursuant to § 501(c) of the Internal Revenue Code and is usedexclusively by such lessee primarily for charitable, literary, scientific, oreducational purposes. No leasehold interest or concession, as defined in §56-557, of tax exempt property of a governmental agency shall be subject toassessment for local property tax purposes where the property is leased to apublic service corporation or subsidiary thereof or a nonstock, nonprofitcorporation whose occupation, use or operation of the tax exempt property isin aid of or promotes the governmental purposes set out in Chapter 10 (§62.1-128 et seq.) of Title 62.1 or to a private entity that is party to aconcession agreement with a responsible public entity pursuant to thePublic-Private Transportation Act of 1995 (§ 56-556 et seq.) or to similarfederal law. The provisions of this section shall not apply to any leaseholdinterests exempted or partially exempted by other provisions of law.
(Code 1950, § 58-758.1; 1975, c. 374; 1976, c. 418; 1979, c. 359; 1981, c.431; 1983, c. 549; 1984, c. 675; 1992, c. 842; 1996, c. 478; 2006, c. 922.)
§ 58.1-3203. Taxation of certain leasehold interests; concessions.
All leasehold interests in real property which is exempt from assessment fortaxation from the owner shall be assessed for local taxation to the lessee.If the remaining term of the lease is fifty years or more, or the leasepermits the lessee to acquire the real property for a nominal sum at thecompletion of the term, such leasehold interest shall be assessed as if thelessee were the owner. Otherwise, such assessment shall be reduced twopercent for each year that the remainder of such term is less than fiftyyears; however, no such assessment shall be reduced more than eighty-fivepercent. If the lessee has a right to renew without the consent of thelessor, the term of such lease shall be the sum of the original lease termplus all such renewal terms.
When any real property is exempt from taxation under Section 6 (a) (1) or (2)or by designation under Section 6 (a) (6) of Article X of the Constitution ofVirginia, the leasehold interest in such property may also be exempt fromtaxation, provided that the property is leased to a lessee who is exempt fromtaxation pursuant to § 501(c) of the Internal Revenue Code and is usedexclusively by such lessee primarily for charitable, literary, scientific, oreducational purposes. No leasehold interest or concession, as defined in §56-557, of tax exempt property of a governmental agency shall be subject toassessment for local property tax purposes where the property is leased to apublic service corporation or subsidiary thereof or a nonstock, nonprofitcorporation whose occupation, use or operation of the tax exempt property isin aid of or promotes the governmental purposes set out in Chapter 10 (§62.1-128 et seq.) of Title 62.1 or to a private entity that is party to aconcession agreement with a responsible public entity pursuant to thePublic-Private Transportation Act of 1995 (§ 56-556 et seq.) or to similarfederal law. The provisions of this section shall not apply to any leaseholdinterests exempted or partially exempted by other provisions of law.
(Code 1950, § 58-758.1; 1975, c. 374; 1976, c. 418; 1979, c. 359; 1981, c.431; 1983, c. 549; 1984, c. 675; 1992, c. 842; 1996, c. 478; 2006, c. 922.)
§ 58.1-3203. Taxation of certain leasehold interests; concessions.
All leasehold interests in real property which is exempt from assessment fortaxation from the owner shall be assessed for local taxation to the lessee.If the remaining term of the lease is fifty years or more, or the leasepermits the lessee to acquire the real property for a nominal sum at thecompletion of the term, such leasehold interest shall be assessed as if thelessee were the owner. Otherwise, such assessment shall be reduced twopercent for each year that the remainder of such term is less than fiftyyears; however, no such assessment shall be reduced more than eighty-fivepercent. If the lessee has a right to renew without the consent of thelessor, the term of such lease shall be the sum of the original lease termplus all such renewal terms.
When any real property is exempt from taxation under Section 6 (a) (1) or (2)or by designation under Section 6 (a) (6) of Article X of the Constitution ofVirginia, the leasehold interest in such property may also be exempt fromtaxation, provided that the property is leased to a lessee who is exempt fromtaxation pursuant to § 501(c) of the Internal Revenue Code and is usedexclusively by such lessee primarily for charitable, literary, scientific, oreducational purposes. No leasehold interest or concession, as defined in §56-557, of tax exempt property of a governmental agency shall be subject toassessment for local property tax purposes where the property is leased to apublic service corporation or subsidiary thereof or a nonstock, nonprofitcorporation whose occupation, use or operation of the tax exempt property isin aid of or promotes the governmental purposes set out in Chapter 10 (§62.1-128 et seq.) of Title 62.1 or to a private entity that is party to aconcession agreement with a responsible public entity pursuant to thePublic-Private Transportation Act of 1995 (§ 56-556 et seq.) or to similarfederal law. The provisions of this section shall not apply to any leaseholdinterests exempted or partially exempted by other provisions of law.
(Code 1950, § 58-758.1; 1975, c. 374; 1976, c. 418; 1979, c. 359; 1981, c.431; 1983, c. 549; 1984, c. 675; 1992, c. 842; 1996, c. 478; 2006, c. 922.)
