23 VAC Title 23 Agency 10 — Virginia Tax Regulations
23VAC10-320-120
Taxation of instruments relating to property located in more than one jurisdiction
# A.
When a deed conveys real estate located in two separate jurisdictions, the formula for prorating the local tax is:
$1,000,000 (Property in jurisdiction #1)
x $1,575.00 (State recordation tax) ÷ 1/3
$1,050,000 (Total property conveyed)
= $500 (Local tax for jurisdiction #1)
$50,000 (Property in jurisdiction #2)
x $1,575.00 (State recordation tax) ÷ 1/3
$1,050,000 (Total property conveyed)
= $25 (Local tax for jurisdiction #2)
# B.
The formula for the local tax on a deed of trust conveying property located in two jurisdictions is:
Value of property in jurisdiction #1
x Total debt x Rate of tax = State recordation tax ÷ 1/3
Total value of all property
= Local tax for jurisdiction #1
Value of property in jurisdiction #2
x Total debt x Rate of tax = State recordation tax ÷ 1/3
Total value of all property
= Local tax for jurisdiction #2
Source: view the official text
Nearby sections (25 sections)
- 10-310-50 · Local tax
- 10-320-10 · Preface
- 10-320-20 · Deeds generally
- 10-320-30 · Additional tax paid by grantor
- 10-320-40 · Deeds of trust or mortgages
- 10-320-50 · Construction loan deeds of trust or mortgages
- 10-320-60 · Deeds of release
- 10-320-70 · Deeds of partition; transfers pursuant to decree of divorce…
- 10-320-80 · Contracts generally; leases
- 10-320-90 · When supplemental writings not taxable
- 10-320-100 · What other deeds not taxable; definitions
- 10-320-110 · Exemptions
- 10-320-120 · Taxation of instruments relating to property located in…
- 10-330-1 · (Repealed.)
- 10-330-20 · Computation of net capital
- 10-330-30 · Deductions from gross capital
- 10-330-40 · (Repealed.)
- 10-340-10 · (Repealed.)
- 10-340-20 · Classification; rate of tax
- 10-340-30 · Intangible personal property of certain poultry and…
- 10-340-40 · Exempt professions and businesses: how property used…
- 10-340-50 · (Repealed.)
- 10-350-10 · (Repealed.)
- 10-350-20 · (Repealed.)
- 10-350-30 · (Repealed.)