Virginia Code 15.2-7510: Exemption from taxes or assessments
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The land bank entity is hereby declared to be performing a public function on behalf of the locality with respect to which the land bank entity is created and to be a public instrumentality of such locality. Accordingly, the land bank entity shall not be required to pay any taxes upon any property acquired or used by the land bank entity under the provisions of the Act.
Terms Used In Virginia Code 15.2-7510
- Act: means this chapter, the Land Bank Entities Act (§ 15. See Virginia Code 15.2-7500
- Land bank entity: means any authority, planning district commission, corporation, or existing nonprofit entity established or designated by a locality to carry out the purposes of the Act. See Virginia Code 15.2-7500
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221