Chap. 296.—An ACT to amend and re-enact Section 435 of the Tax Code of
Virginia, as heretofore amended, relating to what property is exempt from
‘taxation, State and local. [H B 299]

Approved March 28, 1938
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 here-
tofore amended, be amended and re-enacted so as to read as follows:
Section 435. What property, real and personal, exempt from tax-
ation, State and local—The 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, eighteen
hundred and eighty-two, or hereafter exempted by law.

(b) Buildings with land they actually occupy, and the furniture
and furnishings therein and endowment funds lawfully owned and
held by churches or religious bodies, and wholly and exclusively used
for religious worship, or for the residence of the minister 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 endow-
ment funds, lawfully held, for their care, provided the same are
not operated for profit.

(d) Property owned by public libraries, law libraries of local
bar associations when the same are used or available for use by a State
court or courts or the judge or judges thereof, 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 liter-
ary, scientific or educational purposes or purposes incidental thereto.
It shall not apply to industrial schools which sell their product 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,
belonging to Young Men’s Christian Associations, and other similar
religious associations, orphan or other asylums, reformatories, hospi-
tals and nunneries, conducted not for profit, but exclusively as chari-
ties, 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 furni-
ture and furnishings therein belonging to any benevolent or charitable
association and used exclusively for lodge purposes or meeting rooms
by such associations, 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 Association for the Preservation of Petersburg An-
tiquities, 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, posts of United Spanish War Veterans, posts
of Veterans of Foreign Wars, posts of the Disabled American Veterans,
the Society of the Cincinnati in the State of Virginia, and the Manassas
Battlefield Confederate Park, Incorporated, and the Robert E. Lee
Memorial Foundation, Incorporated, Belle Bryan Day Nursery, In-
corporated, the Virginia Division United Daughters of the Confederacy,
and any corporation organized to establish and maintain a museum or
museums, with or without a library or libraries, provided such corpora-
tion be not operated for profit. On and after January first, nineteen
hundred and thirty-four the property now owned or which may be
hereafter acquired by Colonial Williamsburg, Incorporated, and used
for museum, historical, municipal, benevolent or charitable purposes,
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 corpora-
tion, who shall, expressly or impliedly, directly or indirectly, contract
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. When-
ever any building or land, or part thereof, mentioned in this section,
and not belonging to the State, shall be leased or shall otherwise 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 1s now or may hereafter be provided by law.

Nothing herein contained shall be construed as authorizing or
requiring 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, or by a
church or religious body, but all of which is not used exclusively for
lodge purposes or meeting rooms, or for church or religious or chari-
table purposes, the assessing officers shall only assess for taxation
such propo.‘tional 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, or for church or religious or charitable purposes.