Code of Virginia - Title 58.1 Taxation - Section 58.1-3202 Taxation of certain multi-unit real estate

§ 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  Next

Last modified: April 3, 2009