Chap. 177.—An ACT to amend and re-enact section 435 of the Tax Code of Vir-
ginia, as heretofore amended, in relation to what property, real and personal,
is exempt from taxation, State and local. [H B 319]

Approved March 22, 1932

1. Be it enacted by the general assembly of Virginia, That sec-
tion four hundred and thirty-five of the tax Code of Virginia, as
heretofore amended, be amended and re-enacted so as to read as
follows:

Section 435. What property, real and personal, exempt from
taxation, State and local—vThe following property shall be exempt
from taxation, State and local, including inheritance taxes:

(a) Property owned directly or indirectly by the United States,
the Commonwealth or any political subdivision thereof, and obliga-
tions of the Commonwealth issued since February fourteenth, eigh-
teen hundred and eighty-two, or hereafter exempted by law.

(b) Buildings with land they actually occupy, and the furni-
ture and furnishings therein and endowment funds lawfully owned
and held by churches or religious bodies, and wholly and exclu-
sively used for religious worship, or for the residence of the minis-
ter of any church or religious body, together with the additional
adjacent land reasonably necessary for the convenient use of any
such building.

(c) Private or public burying grounds or cemeteries and en-
dowment funds, lawfully held, for their care, provided the same are
not operated for profit.

(d) Property owned by public libraries, incorporated colleges
or other incorporated institutions of learning, not conducted for
profit, together with the endowment funds thereof not invested in real
estate. But this provision shall apply only to property primarily used
for literary, scientific or educational purposes or purposes incidental
thereto. It shall not apply to industrial schools which sell their prod-
uct to other than their own employees or students.

(e) Real estate belonging to, actually and exclusively occupied and
used by, and personal property, including endowment funds, belong-
ing to Young Men’s Christian Associations, and other similar re-
ligious associations, orphan or other asylums, reformatories, hospi-
tals and nunneries, conducted not for profit, but exclusively as char-
ities, also parks or playgrounds held by trustees for the perpetual use
of the general public.

(f) Buildings with the land they actually occupy, and the fur-
niture and furnishings therein, belonging to any benevolent or char-
itable association and used exclusively for lodge purposes or meeting
rooms by such association, together with such additional adjacent
land as may be necessary for the convenient use of the buildings
for such purposes; and

(g) Property of the association for the preservation of Virginia
antiquities, the Confederate memorial literary society, the Mount Ver-
non ladies’ association of the union, the Virginia historical society,
the Thomas Jefferson memorial foundation, incorporated, the posts
of the American legion, and the Manassas battlefield confederate park,
incorporated, and the Robert E. Lee memorial foundation, incorpor-
ated, and any corporation organized to establish and maintain a
museum or museums, with or without a library or libraries, pro-
vided such corporation be not operated for profit. On and after
January first, nineteen hundred and thirty-four the real estate and
tangible personal property now owned or which may be hereafter
acquired by Colonial Williamsburg, incorporated, and used for mu-
seum, historical, educational, municipal, benevolent or charitable pur-
poses, shall be exempt from all taxation, as long as such corporation
continues to be organized and operated not for profit.

Nothing contained in this section shall be construed to exempt
from taxation the property of any person, firm, association, or cor-
poration, who shall, expressly or impliedly, directly or indirectly, con-
tract or promise to pay a sum of money or other benefit, on account
of death, sickness, or accident to any of its members or other person.

Whenever any building or land, or part thereof, mentioned in this
section, and not belonging to the State, shall be leased or shall other-
wise be a source of revenue or profit, all of such buildings and land
shall be liable to taxation as other land and buildings in the same
county, city or town, except as is now or may hereafter be provided
by law.

Nothing herein contained shall be construed as authorizing or re-
quiring any county, city, or town to tax for county, city, or town
purposes, in violation of the rights of the lessees thereof, existing
under any lawful contract heretofore made, any real estate owned
by such county, city or town, as heretofore leased by it.

In assessing any building and the land it occupies, which may
be owned exclusively by a benevolent or charitable institution, but
all of which is not used exclusively for lodge purposes or meeting
rooms, the assessing officer shall only assess for taxation such
proportional part of the fair market value of the entire property
as would be the comparative fair market value of the part of such
land and building not used exclusively for lodge purposes or meeting
rooms.