Code of Virginia § 58.1-3202. Taxation of certain multi-unit real estate.
88 words·~1 min read·
/va/title-58-1/chapter-32/58-1-3202·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Beginning with assessments effective on January 1, 1984, the fair market value of multi-unit real estate leased primarily to residential tenants shall be determined without regard to its potential for conversion to condominium or cooperative ownership. A sale of apartment property shall not be presumed to be for such conversion unless overt action which is a prerequisite to conversion by the buyer has been taken within three months from the recordation of the deed.
Code 1950, § 58-760; 1982, c. 619; 1983, cc. 556, 570; 1984, c. 675.