§ 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.)
Sections: Previous 58.1-3200 58.1-3201 58.1-3202 58.1-3203 58.1-3204 58.1-3205 58.1-3210 58.1-3211 58.1-3211.1 58.1-3212 58.1-3213 58.1-3213.1 58.1-3214 58.1-3215 58.1-3216 NextLast modified: April 3, 2009