§ 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.
History
The record of this law’s original creation isn’t available online. It has been modified 3 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 1982, chapter 619; in 1983, chapters 556 and 570; in 1984, chapter 675.
Code 1950, § 58-760; 1982, c. 619; 1983, cc. 556, 570; 1984, c. 675.