Virginia (Summary)
Tax Type: Current Use value based on site productivity and Severance Tax
Description: A county, city or town may adopt an ordinance to provide for the use value assessment and taxation of property devoted to agricultural, horticultural, forest, or open-space use.
Law: Sec. 58.1-3230, Code
Objective: Encourage the proper use of real estate in order to assure a readily available source of agricultural, horticultural and forest products, and of open space within reach of concentrations of population; Conserve natural resources in forms that will prevent erosion; Protect adequate and safe water supplies; Preserve scenic natural beauties and open spaces;
Forest Tax Program Requirements
Min/Max Acreage: Minimum 20 acres.
Min. Stocking Growth: At least 40% normal stocking of forest trees (productive forest land)
Forest Management Plan: Forest land classified as "Non-productive" must have a management plan.
Evidence of Use: To be qualified the land must be growing a commercial forest crop that is physically accessible for harvesting when mature.
Duration of Enrollment: Indefinite
Penalties for Use Change: The roll-back tax payment is equal to the difference between the tax assessed on the basis of the use valuation and the taxes that would have been payable (property's fair market value) for the current year and for each of the five years immediately preceding the year of the change.
Program Administration
State: Virginia Department of Forestry establishes land-use values.
County Tax Assessor and Commissioner: Application for current use assessment is processed by local assessor.
University: N/A
Landowner: N/A
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