LIS

Virginia Law

Administrative Code

Table of Contents » Title 23. Taxation » Agency 10. Department of Taxation » Chapter 320. Recordation Tax Regulations » 23VAC10-320-90. When supplemental writings not taxable.

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

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

11/21/2024

23VAC10-320-90. When supplemental writings not taxable.

A. A deed of assumption by which the purchaser assumes the deed of trust or mortgage of the grantor (seller) is not taxable.

	Example:
	Real estate sold for	$100,000
	Cash payment for equity	30,000
	Assumption of Deed of Trust (No tax)	70,000

	Tax under § 58.1-802 computed on the consideration of $100,000	150.00
	Tax under § 58.1-803 computed on consideration ($100,000) less value of lien or encumbrance ($70,000) remaining on real estate at time of sale	30.00
	Tax under § 58.1-814 by county or city	50.00
	TOTAL TAX (state & local)	$230.00

Statutory Authority

§§ 58.1-203 and 58.1-809 of the Code of Virginia.

Historical Notes

Derived from VR630-14-809, eff. January 1, 1985.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.