Code of Virginia (Last Updated:July 28, 2020) |
TITLE 58.1. Taxation |
SUBTITLE III. Local Taxes |
CHAPTER 32. Real Property Tax |
ARTICLE 3. Other Exemptions, Credits, Partial Abatement, Apportionments, Classifications |
SECTION 58.1-3223. Taxation of life tenant's interest when remainder held by United States |
The life tenant of any property, a remainder interest in which has been acquired by the United States, shall receive a credit on his real estate tax each year for any amount paid to the county, city or town in such years under § 3 of Public Law 94-565 (31 U.S.C. § 1603) on behalf of such property. Such credit shall not exceed the amount of tax on such property. Code 1950, § 58-761.1; 1980, c. 290; 1984, c. 675. |