CHAPTER 317

An Act to amend and reenact § 58-758 of the Code of Virginia,
relating to the assessment of real estate for local taxation, so as to
define the term “taxable real estate” as including a leasehold interest
in every case in which the land or improvements, or both, as the case
may be, are exempt from assessment for taxation to the owner.
Be it enacted by the General Assembly of Virginia:

1. That § 58-758 of the Code of Virginia be amended and reenacted
as follows:

§ 58-758. Application of chapter.—All taxable real estate having
been segregated by law for local taxation only, such taxable real estate
shall be assessed for local taxation in accordance with the provisions of
this chapter and other provisions of law. For the purposes of this chapter,
and other provisions of law relating to the assessment of real estate for
taxation, the term “taxable real estate” shall include a leasehold interest
in every case in which the land or improvements, or both, as the case may
be, are exempt from assessment for taxation to the owner. This chapter,
shall not apply to the assessment of any real estate assessable under the
law by the State Corporation Commission. —

This section, as hereby amended, shall apply to the tax year beginning
January first, nineteen hundred and fifty-five, and to every tax year
thereafter until otherwise provided by law.