Administrative Code

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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 310. Tax on Wills and Administration

23VAC10-310-30. Value of estate.

A.1. Resident. Upon the probate of the will of a resident decedent who owned real, tangible and intangible personal property, the tax is measured by the value of all intangible property wherever located and the value of the real and tangible property located in Virginia. "Resident" means a decedent who was domiciled in the Commonwealth of Virginia at his death.

2. Nonresident. Upon the probate of an authenticated copy of the will of a nonresident decedent, the tax is measured only by the value of the real or tangible property located in the Commonwealth. See § 64.2-450 of the Code of Virginia.

B. The following are examples of property not included in the valuation of the estate for purposes of the tax:

1. Property passing by the exercise of a power of appointment.

2. Jointly held property with right of survivorship.

3. Insurance proceeds, unless payable to the estate.

4. Property that passes by inter vivos trust.

5. Bonds payable on debt to a named beneficiary.

C. Assets owned as tenants in common or joint tenants without right of survivorship are included to the extent of the interest of the deceased tenant.

D. Where a testator owned several parcels of real estate, but only devised certain of the parcels by will, leaving other parcels to pass according to the law of descent, the tax should be based upon all the real estate in the Commonwealth owned by the decedent at the date of valuation, and not only on the value of the parcels devised by will.

Statutory Authority

§ 58.1-203 of the Code of Virginia.

Historical Notes

Derived from VR630-8-1713, eff. January 1, 1985, with retroactive effect according to § 58.1-203 of the Code of Virginia; amended, Virginia Register Volume 33, Issue 10, eff. March 27, 2017.

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