58.1-3604 - Tax exemption information.
§ 58.1-3604. Tax exemption information.
A. The appropriate county, city or town assessing officer shall make andmaintain an inventory and assessment of all tax-exempt real property and allsuch property immune from real estate taxation within his county, city ortown, excluding streets, highways and other roadways. Such official shallidentify such property by a general site description indicating the ownerthereof and report such information on the land book along with an assessmentof the fair market value of such property, the total assessed valuation foreach type of exemption and a computation of total tax which would be due ifsuch property were not exempt. A total of such assessed valuations and acomputation of the percentage such exempt and immune property represents inrelation to all property assessed within the county, city or town shall bepublished annually by such local assessing officer and a copy thereof shallbe filed with the Department of Taxation on forms prescribed by theDepartment. All costs incurred pursuant to this section shall be borne by thecounty, city or town.
B. The appropriate county, city or town assessing officer shall also cause tobe published, on an annual basis, at the same time and in the samepublication, or in the same manner, as notice of the local real estate taxrates is published or otherwise posted, a statement indicating the aggregateassessed value of all real property exempted from taxation under §§ 58.1-3607and 58.1-3608, and Articles 3, 4 and 5 of Chapter 36 of this title, and thetotal reduction in tax revenues resulting from such exemptions.
(Code 1950, § 58-14.1; 1975, c. 612; 1976, c. 486; 1984, c. 675; 1989, c. 38.)