23 VAC Title 23 Agency 10 — Virginia Tax Regulations
23VAC10-320-90
When supplemental writings not taxable
Official textlaw.lis.virginia.gov
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
Source: view the official text
Nearby sections (25 sections)
- 10-310-20 · Levy
- 10-310-30 · Value of estate
- 10-310-40 · (Repealed.)
- 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- 10-330-1 · (Repealed.)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- 10-330-40 · (Repealed.)
- 10-340-10 · (Repealed.)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- 10-340-50 · (Repealed.)