Language Page 655, after line 32, insert: "§ 3.5-29 REAL PROPERTY TAX A. Virginia Code § 58.1-3295.3 requires fixtures in a data center, when classified as real estate, to be valued by a locality based on the cost approach (cost less depreciation) rather than the income generated. Fixtures in a data center, when classified as real estate, are to be assessed at one-hundred percent fair market value as determined by the cost approach and consistent with § 58.1-3201."
Page 655, after line 32, insert:
"§ 3.5-29 REAL PROPERTY TAX
A. Virginia Code § 58.1-3295.3 requires fixtures in a data center, when classified as real estate, to be valued by a locality based on the cost approach (cost less depreciation) rather than the income generated. Fixtures in a data center, when classified as real estate, are to be assessed at one-hundred percent fair market value as determined by the cost approach and consistent with § 58.1-3201."
Explanation
(This amendment clarifies the provisions of § 58.1-3295.3, Code of Virginia related to real property valuations for data center equipment.)