Chap. 91.—An ACT to amend the Tax Code of Virginia by adding thereto
a new section, numbered 265-a, in relation to the assessment of lots in
subdivisions of tracts of land. [H B 148]

Approved March 10, 1938

1. Be it enacted by the General Assembly of Virginia, That the
Tax Code of Virginia be amended by adding thereto a new section
numbered two hundred and sixty-five-a, which new section shall read
as follows:

Section 265-a. Assessment of lots in subdivisions of tracts of land.
——Whenever a tract of land is subdivided into lots under the provisions
of sections fifty-two hundred and seventeen and fifty-two hundred and
eighteen of the Code of Virginia, or under any other provision of gen-
eral law, and plats thereof are recorded, subsequent to any general
reassessment of real estate in the county or city in which such real
estate is situated made in the year nineteen hundred and thirty-six or
thereafter, each lot in such subdivision shall be assessed and shown
separately upon the land books, as required by law; and the commis-
sioner of the revenue, in assessing each such lot, shall assess the same
at fair market value as of the first day of January of the year next
succeeding the year in which such plat is recorded, without regard to
the value at which such tract of land was assessed as acreage but with
regard to other assessments of lots in such county or city, and such
assessment shall stand until the next general reassessment of real
estate in such county or city. But any person aggrieved by any such
assessment made by a commissioner of the revenue may apply for a
correction of the same within the time and in the manner prescribed
by section four hundred and fourteen of the Tax Code of Virginia.