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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 320. Recordation Tax Regulations
11/23/2024

23VAC10-320-40. Deeds of trust or mortgages.

A. Examples of deeds of trust, mortgages and supplemental indentures taxable under § 58.1-803 of the Code of Virginia:

1. A deed of trust secured by real estate with a lesser value than the note. For example, if real estate valued at $30,000 secures a note of $160,000, the tax is based upon the value of the real estate.

2. A supplemental indenture to a mortgage where the tax upon the initial mortgage has been paid, the tax is imposed only on the amount of the supplemental indenture.

3. A deed of trust given to secure a loan made by the Virginia Housing Development Authority.

4. A deed of trust securing a loan guaranteed by a federal agency.

5. An indemnity deed of trust on Virginia real estate. An indemnity deed of trust or mortgage is "a mortgage which secures a guaranty rather than the primary loan."

B. Examples of deeds of trusts, mortgages and supplemental indentures not taxable under § 58.1-803 of the Code of Virginia:

1. A deed of trust from an Industrial Development Authority.

2. Where a note is secured by personal property and a deed of trust on real estate, and where perfection of the security interest on the personal property will be filed under the Uniform Commercial Code, the tax is computed only upon the real estate under such deed of trust.

Statutory Authority

§§ 58.1-203 and 58.1-803 of the Code of Virginia.

Historical Notes

Derived from VR630-14-803, eff. January 1, 1985.

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