Code of Virginia

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Code of Virginia
Title 58.1. Taxation
Chapter 32. Real Property Tax

§ 58.1-3202. Taxation of certain multi-unit real estate.

Beginning with assessments effective on January 1, 1984, the fair market value of multi-unit real estate leased primarily to residential tenants shall be determined without regard to its potential for conversion to condominium or cooperative ownership. A sale of apartment property shall not be presumed to be for such conversion unless overt action which is a prerequisite to conversion by the buyer has been taken within three months from the recordation of the deed.

Code 1950, § 58-760; 1982, c. 619; 1983, cc. 556, 570; 1984, c. 675.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.