The governing body of any county, city or town may provide for the special assessment and valuation for purposes of taxation of all real property within its jurisdiction which is encumbered by a recorded perpetual easement permitting the inundation of such property by water.
Properties inundated by water
Va. Code Ann. § 58.1-3620, under Chapter 36. Tax Exempt Property..
Va. Code Ann. § 58.1-3620