CHAPTER 593

An Act to amend and reenact §§ 58-768 and 58-764 of the Code of Virginia,
by adding a section numbered 58-764.1 relating to adjustments in the
assessed value of real estate.

(H 572)
Approved April 4, 1968

Be it enacted by the Genera] Assembly of Virginia:
1. That §§ 58-768 and 58-764 of the Code of Virginia be amended and
reenacted as follows:
§ 58-768. How assessed value changed; improvements; correction
by court or board of equalization.—The value of real estate as ascertained
at a general reassessment and the ascertained value of the new grants
which may hereafter be entered and assessed shall only be changed to
allow the addition of the value of improvements. or a total or partial deduc-
tion of the value of such improvements or an addition to or total or partial
deduction from the value of the real estate caused by any easement affect-
ing the real estate, except so far as the same are directed to be corrected
by a court of competent jurisdiction or by the local board of equalization
in the exercise of powers expressly conferred by law.

§ 58-764. Change when no general reassessment in county in past
four years.—In any county in which a general reassessment of real estate
has not been made for a period of four years, any owner of real estate
therein who is of opinion that the assessed value of the real estate
is greater than its fair market value may apply for relief to the circuit
court of the county. /n the case of any real estate upon which any easement
has been acquired for the installation of public service, highway or street
facilities, and which has not been reassessed by the Commissioner of the
Revenue on request of the landowner as provided in the preceding section,
the owner thereof may apply for relief to the circuit court of such county
or any city court of record wherein such property is located. If the govern-
ing body of any county is of the opinion that any real estate therein is
assessed at less than its fair market value, it shall direct the Common-
wealth’s Attorney to apply to the circuit court of such county to have the
assessment corrected. Proceedings upon any such application shall be as
provided in §§ 58-1145 to 58-1151 and the court shall enter such order
with respect to the assessment as is just and proper.

§ 58-764.1. Inthe event any deduction has been made from the value
of real estate for any public service corporation easement under either of
the two preceding sections, the Commissioner of Revenue or Director of
Finance shall send the State Corporation Commission and the public
series corporation owning said easement the amount of the deduction so
made.