{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2103.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2103.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2103.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2103.html"}],"law_id":62799,"edition_id":1,"section_id":62799,"structure_id":14850,"section_number":"55.1-2103","catch_line":"Property classification of cooperative interests; taxation","history":"1982, c. 277, \u00a7 55-428; 1988, c. 412; 2002, c. 34; 2003, c. 351; 2019, c. 712.","full_text":"A\n\nA cooperative interest is real estate for all purposes. Unless waived by a proprietary lessee, a cooperative interest is subject to the provisions of Title 34 (§ 34-1 et seq.), regarding the homestead exemption.B\n\nAny portion of the common elements for which the declarant has reserved any development right shall be separately taxed and assessed against the declarant, and the declarant alone is liable for the payment of those taxes.C\n\nWhen the highest and best use of any parcel improved by a multi-unit cooperative apartment complex is achieved by sale of the cooperative apartment units as individual units, the fair market value of the parcel shall be determined by aggregating the fair market value of all taxable real estate that is part of the parcel, including each cooperative apartment unit and common elements. The fair market value of each such cooperative apartment unit shall be established by determining its fair market value for sale as an individual unit, determined in the same manner, mutatis mutandis, as the fair market value of condominium units. Tax bills shall be issued for each individual cooperative apartment unit.\n\t\t\tNo assessment of any parcel improved by a multi-unit cooperative apartment complex, whether the assessment was made before or after the adoption of this subsection, shall be held to be invalid because of the use of the method described in this subsection to determine the assessment.D\n\nAny duly authorized real estate assessor, board of assessors, or department of real estate assessments may require that all declarants, associations, master associations, and proprietary lessees’ associations in the county or city subject to local taxation furnish to such assessor, board, or department on or before a time specified a statement listing all transfers of the cooperative apartment units over a specified period of time and a statement listing all owners and proprietary lessees of the cooperative apartment units as of a specified date. Each such statement shall be certified as to its accuracy by the declarant, association, master association, or proprietary lessees’ association for which the statement is furnished or by a duly authorized agent of such declarant or association. Any statement required by this subsection shall be kept confidential in accordance with the provisions of § 58.1-3.E\n\nSubsections C and D apply to all cooperatives created in the Commonwealth, whether created before, on, or after July 1, 1982. However, subsections C and D do not apply to any multi-unit cooperative apartment complex the cooperative apartment units of which have been continually in use as such since December 31, 1967.F\n\nAny residential cooperative association the members of which are owners of cooperative interests in a cooperative under this chapter shall not be deemed to be a business for any state and local purposes, including liability for payment of sales, meals, hotel, motel, or gross receipts taxes and business licenses, to the extent that such residential cooperative association collects payments from residents of such cooperative.G\n\nAny tangible personal property owned by a residential cooperative association that would be considered household goods and personal effects if owned and used by an individual or by a family or household incident to maintaining an abode shall be considered household goods and personal effects owned and used by an individual or by a family or household incident to maintaining an abode for the purposes of § 58.1-3504 and any local ordinance authorized pursuant to § 58.1-3504.","order_by":null,"text":{"0":{"id":228909,"text":"A cooperative interest is real estate for all purposes. Unless waived by a proprietary lessee, a cooperative interest is subject to the provisions of Title 34 (§ 34-1 et seq.), regarding the homestead exemption.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":228910,"text":"Any portion of the common elements for which the declarant has reserved any development right shall be separately taxed and assessed against the declarant, and the declarant alone is liable for the payment of those taxes.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":228911,"text":"When the highest and best use of any parcel improved by a multi-unit cooperative apartment complex is achieved by sale of the cooperative apartment units as individual units, the fair market value of the parcel shall be determined by aggregating the fair market value of all taxable real estate that is part of the parcel, including each cooperative apartment unit and common elements. The fair market value of each such cooperative apartment unit shall be established by determining its fair market value for sale as an individual unit, determined in the same manner, mutatis mutandis, as the fair market value of condominium units. Tax bills shall be issued for each individual cooperative apartment unit.\n\t\t\tNo assessment of any parcel improved by a multi-unit cooperative apartment complex, whether the assessment was made before or after the adoption of this subsection, shall be held to be invalid because of the use of the method described in this subsection to determine the assessment.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":228912,"text":"Any duly authorized real estate assessor, board of assessors, or department of real estate assessments may require that all declarants, associations, master associations, and proprietary lessees’ associations in the county or city subject to local taxation furnish to such assessor, board, or department on or before a time specified a statement listing all transfers of the cooperative apartment units over a specified period of time and a statement listing all owners and proprietary lessees of the cooperative apartment units as of a specified date. Each such statement shall be certified as to its accuracy by the declarant, association, master association, or proprietary lessees’ association for which the statement is furnished or by a duly authorized agent of such declarant or association. Any statement required by this subsection shall be kept confidential in accordance with the provisions of § 58.1-3.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":228913,"text":"Subsections C and D apply to all cooperatives created in the Commonwealth, whether created before, on, or after July 1, 1982. However, subsections C and D do not apply to any multi-unit cooperative apartment complex the cooperative apartment units of which have been continually in use as such since December 31, 1967.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":228914,"text":"Any residential cooperative association the members of which are owners of cooperative interests in a cooperative under this chapter shall not be deemed to be a business for any state and local purposes, including liability for payment of sales, meals, hotel, motel, or gross receipts taxes and business licenses, to the extent that such residential cooperative association collects payments from residents of such cooperative.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":228915,"text":"Any tangible personal property owned by a residential cooperative association that would be considered household goods and personal effects if owned and used by an individual or by a family or household incident to maintaining an abode shall be considered household goods and personal effects owned and used by an individual or by a family or household incident to maintaining an abode for the purposes of § 58.1-3504 and any local ordinance authorized pursuant to § 58.1-3504.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":14850,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:50:24","date_modified":"2026-06-26 03:50:24","permalink":{"id":247111,"object_type":"structure","relational_id":14850,"identifier":"1","token":"55.1\/IV\/21\/1","url":"\/55.1\/IV\/21\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13509,"edition_id":1,"name":"Virginia Real Estate Cooperative Act","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247109,"object_type":"structure","relational_id":13509,"identifier":"21","token":"55.1\/IV\/21","url":"\/55.1\/IV\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58909,"structure_id":14850,"section_number":"55.1-2100","catch_line":"Definitions","url":"\/55.1-2100\/","token":"55.1\/IV\/21\/1\/55.1-2100","metadata":false},{"id":80253,"structure_id":14850,"section_number":"55.1-2101","catch_line":"Applicability","url":"\/55.1-2101\/","token":"55.1\/IV\/21\/1\/55.1-2101","metadata":false},{"id":66032,"structure_id":14850,"section_number":"55.1-2102","catch_line":"Variation by agreement","url":"\/55.1-2102\/","token":"55.1\/IV\/21\/1\/55.1-2102","metadata":false},{"id":62799,"structure_id":14850,"section_number":"55.1-2103","catch_line":"Property classification of cooperative interests; taxation","url":"\/55.1-2103\/","token":"55.1\/IV\/21\/1\/55.1-2103","metadata":false},{"id":68257,"structure_id":14850,"section_number":"55.1-2104","catch_line":"Applicability of local ordinances, regulations, and building codes; local authority","url":"\/55.1-2104\/","token":"55.1\/IV\/21\/1\/55.1-2104","metadata":false},{"id":56764,"structure_id":14850,"section_number":"55.1-2105","catch_line":"Eminent domain","url":"\/55.1-2105\/","token":"55.1\/IV\/21\/1\/55.1-2105","metadata":false},{"id":75027,"structure_id":14850,"section_number":"55.1-2106","catch_line":"General principles of law applicable","url":"\/55.1-2106\/","token":"55.1\/IV\/21\/1\/55.1-2106","metadata":false},{"id":79017,"structure_id":14850,"section_number":"55.1-2107","catch_line":"Construction against implicit repeal","url":"\/55.1-2107\/","token":"55.1\/IV\/21\/1\/55.1-2107","metadata":false},{"id":84361,"structure_id":14850,"section_number":"55.1-2108","catch_line":"Uniformity of application and construction","url":"\/55.1-2108\/","token":"55.1\/IV\/21\/1\/55.1-2108","metadata":false},{"id":67484,"structure_id":14850,"section_number":"55.1-2109","catch_line":"Unconscionable agreement or term of contract","url":"\/55.1-2109\/","token":"55.1\/IV\/21\/1\/55.1-2109","metadata":false},{"id":68385,"structure_id":14850,"section_number":"55.1-2110","catch_line":"Obligation of good faith","url":"\/55.1-2110\/","token":"55.1\/IV\/21\/1\/55.1-2110","metadata":false},{"id":75940,"structure_id":14850,"section_number":"55.1-2111","catch_line":"Remedies to be liberally administered","url":"\/55.1-2111\/","token":"55.1\/IV\/21\/1\/55.1-2111","metadata":false}],"previous_section":{"id":66032,"structure_id":14850,"section_number":"55.1-2102","catch_line":"Variation by agreement","url":"\/55.1-2102\/","token":"55.1\/IV\/21\/1\/55.1-2102","metadata":false},"next_section":{"id":68257,"structure_id":14850,"section_number":"55.1-2104","catch_line":"Applicability of local ordinances, regulations, and building codes; local authority","url":"\/55.1-2104\/","token":"55.1\/IV\/21\/1\/55.1-2104","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2103\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 277 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1988, chapter 412; in 2002, chapter 34<\/a>; in 2003, chapter 351<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":[{"id":82516,"section_number":"34-1","catch_line":"Definitions","order_by":null,"url":"\/34-1\/"},{"id":66164,"section_number":"58.1-3504","catch_line":"Classification of certain household goods and personal effects for taxation; governing body may exempt","order_by":null,"url":"\/58.1-3504\/"}],"permalink":{"id":247125,"object_type":"law","relational_id":62799,"identifier":"55.1-2103","token":"55.1\/IV\/21\/1\/55.1-2103","url":"\/55.1-2103\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2103\/","token":"55.1\/IV\/21\/1\/55.1-2103","dublin_core":{"Title":"Property classification of cooperative interests; taxation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2103","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A cooperative interest<\/span> is real estate<\/span> for all purposes. Unless waived by a proprietary lessee<\/span>, a cooperative interest<\/span> is subject to the provisions of Title 34 (§ 34-1<\/a> et seq.), regarding the homestead exemption. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any portion of the common elements<\/span> for which the declarant<\/span> has reserved any development right shall be separately taxed and assessed against the declarant<\/span>, and the declarant<\/span> alone is liable for the payment of those taxes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> When the highest and best use of any parcel improved by a multi-unit<\/span> cooperative apartment complex is achieved by sale of the cooperative apartment units<\/span> as individual units<\/span>, the fair market value of the parcel shall be determined by aggregating the fair market value of all taxable real estate<\/span> that is part of the parcel, including each cooperative apartment unit<\/span> and common elements<\/span>. The fair market value of each such cooperative apartment unit<\/span> shall be established by determining its fair market value for sale as an individual unit<\/span>, determined in the same manner, mutatis mutandis<\/span>, as the fair market value of condominium units<\/span>. Tax bills shall be issued for each individual cooperative apartment unit<\/span>.\n\t\t\tNo assessment of any parcel improved by a multi-unit<\/span> cooperative apartment complex, whether the assessment was made before or after the adoption of this subsection, shall be held to be invalid because of the use of the method described in this subsection to determine the assessment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any duly authorized real estate<\/span> assessor, board of assessors, or department of real estate<\/span> assessments may require that all declarants<\/span>, associations, master associations<\/span>, and proprietary lessees<\/span>’ associations in the county or city subject to local taxation furnish to such assessor, board, or department on or before a time specified a statement listing all transfers of the cooperative apartment units<\/span> over a specified period of time and a statement listing all owners and proprietary lessees<\/span> of the cooperative apartment units<\/span> as of a specified date. Each such statement shall be certified as to its accuracy by the declarant<\/span>, association, master association<\/span>, or proprietary lessees<\/span>’ association for which the statement is furnished or by a duly authorized agent of such declarant<\/span> or association. Any statement required by this subsection shall be kept confidential in accordance with the provisions of § 58.1-3<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Subsections C and D apply to all cooperatives<\/span> created in the Commonwealth, whether created before, on, or after July 1, 1982. However, subsections C and D do not apply to any multi-unit<\/span> cooperative apartment complex the cooperative apartment units<\/span> of which have been continually in use as such since December 31, 1967. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Any residential cooperative association the members of which are owners of cooperative interests<\/span> in a cooperative under this chapter shall not be deemed to be a business for any state and local purposes, including liability for payment of sales, meals, hotel, motel, or gross receipts taxes and business licenses, to the extent that such residential cooperative association collects payments from residents of such cooperative. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Any tangible personal property owned by a residential cooperative association that would be considered household goods and personal effects if owned and used by an individual or by a family or household incident to maintaining an abode shall be considered household goods and personal effects owned and used by an individual or by a family or household incident to maintaining an abode for the purposes of § 58.1-3504<\/a> and any local ordinance<\/span> authorized pursuant to § 58.1-3504<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROPERTY CLASSIFICATION OF COOPERATIVE INTERESTS; TAXATION (\u00a7 55.1-2103)\n\nA. A cooperative interest is real estate for all purposes. Unless waived by a\nproprietary lessee, a cooperative interest is subject to the provisions of Title\n34 (§ 34-1 et seq.), regarding the homestead exemption.\n\nB. Any portion of the common elements for which the declarant has reserved any\ndevelopment right shall be separately taxed and assessed against the declarant,\nand the declarant alone is liable for the payment of those taxes.\n\nC. When the highest and best use of any parcel improved by a multi-unit\ncooperative apartment complex is achieved by sale of the cooperative apartment\nunits as individual units, the fair market value of the parcel shall be\ndetermined by aggregating the fair market value of all taxable real estate that\nis part of the parcel, including each cooperative apartment unit and common\nelements. The fair market value of each such cooperative apartment unit shall be\nestablished by determining its fair market value for sale as an individual unit,\ndetermined in the same manner, mutatis mutandis, as the fair market value of\ncondominium units. Tax bills shall be issued for each individual cooperative\napartment unit.\n\t\t\tNo assessment of any parcel improved by a multi-unit cooperative apartment\ncomplex, whether the assessment was made before or after the adoption of this\nsubsection, shall be held to be invalid because of the use of the method\ndescribed in this subsection to determine the assessment.\n\nD. Any duly authorized real estate assessor, board of assessors, or department\nof real estate assessments may require that all declarants, associations, master\nassociations, and proprietary lessees’ associations in the county or city\nsubject to local taxation furnish to such assessor, board, or department on or\nbefore a time specified a statement listing all transfers of the cooperative\napartment units over a specified period of time and a statement listing all\nowners and proprietary lessees of the cooperative apartment units as of a\nspecified date. Each such statement shall be certified as to its accuracy by the\ndeclarant, association, master association, or proprietary lessees’\nassociation for which the statement is furnished or by a duly authorized agent\nof such declarant or association. Any statement required by this subsection\nshall be kept confidential in accordance with the provisions of § 58.1-3.\n\nE. Subsections C and D apply to all cooperatives created in the Commonwealth,\nwhether created before, on, or after July 1, 1982. However, subsections C and D\ndo not apply to any multi-unit cooperative apartment complex the cooperative\napartment units of which have been continually in use as such since December 31,\n1967.\n\nF. Any residential cooperative association the members of which are owners of\ncooperative interests in a cooperative under this chapter shall not be deemed to\nbe a business for any state and local purposes, including liability for payment\nof sales, meals, hotel, motel, or gross receipts taxes and business licenses, to\nthe extent that such residential cooperative association collects payments from\nresidents of such cooperative.\n\nG. Any tangible personal property owned by a residential cooperative association\nthat would be considered household goods and personal effects if owned and used\nby an individual or by a family or household incident to maintaining an abode\nshall be considered household goods and personal effects owned and used by an\nindividual or by a family or household incident to maintaining an abode for the\npurposes of § 58.1-3504 and any local ordinance authorized pursuant to\n§ 58.1-3504.\n\nHISTORY: 1982, c. 277, \u00a7 55-428; 1988, c. 412; 2002, c. 34; 2003, c. 351; 2019,\nc. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}