Virginia Code 58.1-1203: Real and leased tangible personal property of banks to be assessed as other real and personal property
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A. The real estate of all banks shall be assessed on the land books with the same taxes with which other real estate is assessed.
Terms Used In Virginia Code 58.1-1203
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
B. The tangible personal property of all banks which is leased for a consideration to customers or other lessees shall be assessed on the personal property books with the same taxes with which other tangible personal property held for lease is assessed.
Code 1950, § 58-485.05; 1980, c. 578; 1984, c. 675.