The land bank entity is hereby declared to be performing a public function on behalf of the locality with respect to which the land bank entity is created and to be a public instrumentality of such locality. Accordingly, the land bank entity shall not be required to pay any taxes upon any property acquired or used by the land bank entity under the provisions of the Act.
2016, cc. 159, 383.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 75 - Land Bank Entities Act
§ 15.2-7501. Creation of land bank entities by localities
§ 15.2-7502. Public hearing required prior to creation or designation of a land bank entity
§ 15.2-7503. Board of directors; qualifications; terms; vacancies; compensation and expenses
§ 15.2-7504. Executive director; staff
§ 15.2-7505. Financial interests of board members and employees prohibited
§ 15.2-7506. Powers of land bank entity
§ 15.2-7507. Acquisition of property
§ 15.2-7508. Disposition of property
§ 15.2-7509. Financing of operations
§ 15.2-7510. Exemption from taxes or assessments