Virginia Code 58.1-3308: Commissioner to enter lands appearing on abstracts and assess their value.
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The commissioner of the revenue shall enter in the books and assess the fair market value of all lands in his county or city appearing by the abstracts to have been granted.
Terms Used In Virginia Code 58.1-3308
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Code 1950, § 58-802; 1984, c. 675.