§ 58.1-3601 Property becomes taxable immediately upon sale by tax-exempt owner
Any property exempt from taxation pursuant to this chapter which is subsequently sold to a person not having tax-exempt status shall immediately become subject to taxation and be assessed therefor. The tax levied for the current year shall be prorated for the remainder of the tax year.
History
The record of this law’s original creation isn’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 178; in 1984, chapter 675.
Code 1950, § 58-16.1; 1964, c. 178; 1984, c. 675.