Section 1 Taxable property; uniformity; classification and segregation
Section 2 Assessments
Section 3 Taxes or assessments upon abutting property owners
Section 4 Property segregated for local taxation; exceptions
Section 5 Franchise taxes; taxation of corporate stock
Section 6 Exempt property
Section 6-A Property tax exemption for certain veterans and their surviving spouses and surviving spouses of soldiers killed in action
Section 6-B Property tax exemptions for spouses of certain emergency services providers
Section 7 Collection and disposition of State revenues
Section 7-A Lottery Proceeds Fund; distribution of lottery revenues
Section 8 Limit of tax or revenue; Revenue Stabilization Fund
Section 9 State debt
Section 10 Lending of credit, stock subscriptions, and works of internal improvement
Section 11 Governmental employees retirement system
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Terms Used In Virginia Constitution > Article X - Taxation and Finance

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.