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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 320. Recordation Tax Regulations
11/9/2024

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.

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