23 Va. Admin. Code § 10-320-120

Current through Register Vol. 41, No. 9, December 16, 2024
Section 23VAC10-320-120 - Taxation of instruments relating to property located in more than one jurisdiction
A. When a deed conveys real estate located in two separate jurisdictions, the formula for prorating the local tax is:

$1,000,000 (Property in jurisdiction #1) x $1,575.00 (State recordation tax) ÷ 1/3
$1,050,000 (Total property conveyed)

= $500 (Local tax for jurisdiction #1)

$50,000 (Property in jurisdiction #2) x $1,575.00 (State recordation tax) ÷ 1/3
$1,050,000 (Total property conveyed)

= $25 (Local tax for jurisdiction #2)

B. The formula for the local tax on a deed of trust conveying property located in two jurisdictions is:

Value of property in jurisdiction #1 x Total debt x Rate of tax = State recordation tax ÷ 1/3
Total value of all property

= Local tax for jurisdiction #1

Value of property in jurisdiction #2 x Total debt x Rate of tax = State recordation tax ÷ 1/3
Total value of all property

= Local tax for jurisdiction #2

23 Va. Admin. Code § 10-320-120

Derived from VR630-14-3801, eff. January 1, 1985.

Statutory Authority

§§ 58.1-203, 58.1-814 and 58.1-3800 of the Code of Virginia.