{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2203.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2203.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2203.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2203.html"}],"law_id":86282,"edition_id":1,"section_id":86282,"structure_id":14821,"section_number":"55.1-2203","catch_line":"Status of time-share estates with respect to real property interests","history":"1981, c. 462, \u00a7 55-363; 1985, c. 517; 1994, c. 580; 2019, c. 712.","full_text":"A\n\nA document transferring or encumbering a time-share estate shall not be rejected for recordation within the Commonwealth because of the nature or duration of that estate or interest, provided that the document complies with all other recordation requirements.B\n\nEach time-share estate constitutes for purposes of title a separate estate or interest in a unit.C\n\nFor purposes of local real property taxation, each time-share unit, other than a unit operated for time-share use, shall be valued in the same manner as if such unit were owned by a single taxpayer. The total cumulative purchase price paid by the time-share owners for a unit shall not be utilized by the commissioner of revenue or other local assessing officer as a factor in determining the assessed value of such unit. A unit operated as a time-share use, however, may be assessed the same as other income-producing and investment property. The commissioner of revenue or other local assessing officer shall list in the land book a time-share unit in the name of the association.","order_by":null,"text":{"0":{"id":309005,"text":"A document transferring or encumbering a time-share estate shall not be rejected for recordation within the Commonwealth because of the nature or duration of that estate or interest, provided that the document complies with all other recordation requirements.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":309006,"text":"Each time-share estate constitutes for purposes of title a separate estate or interest in a unit.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":309007,"text":"For purposes of local real property taxation, each time-share unit, other than a unit operated for time-share use, shall be valued in the same manner as if such unit were owned by a single taxpayer. The total cumulative purchase price paid by the time-share owners for a unit shall not be utilized by the commissioner of revenue or other local assessing officer as a factor in determining the assessed value of such unit. A unit operated as a time-share use, however, may be assessed the same as other income-producing and investment property. The commissioner of revenue or other local assessing officer shall list in the land book a time-share unit in the name of the association.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14821,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13543,"metadata":{},"date_created":"2026-06-26 03:50:08","date_modified":"2026-06-26 03:50:08","permalink":{"id":247471,"object_type":"structure","relational_id":14821,"identifier":"1","token":"55.1\/IV\/22\/1","url":"\/55.1\/IV\/22\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13543,"edition_id":1,"name":"Virginia Real Estate Time-Share Act","identifier":"22","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:10","date_modified":"2026-06-26 03:45:10","permalink":{"id":247469,"object_type":"structure","relational_id":13543,"identifier":"22","token":"55.1\/IV\/22","url":"\/55.1\/IV\/22\/","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":56667,"structure_id":14821,"section_number":"55.1-2200","catch_line":"Definitions","url":"\/55.1-2200\/","token":"55.1\/IV\/22\/1\/55.1-2200","metadata":false},{"id":61697,"structure_id":14821,"section_number":"55.1-2201","catch_line":"Applicability","url":"\/55.1-2201\/","token":"55.1\/IV\/22\/1\/55.1-2201","metadata":false},{"id":75239,"structure_id":14821,"section_number":"55.1-2202","catch_line":"Administrative agency","url":"\/55.1-2202\/","token":"55.1\/IV\/22\/1\/55.1-2202","metadata":false},{"id":86282,"structure_id":14821,"section_number":"55.1-2203","catch_line":"Status of time-share estates with respect to real property interests","url":"\/55.1-2203\/","token":"55.1\/IV\/22\/1\/55.1-2203","metadata":false},{"id":68031,"structure_id":14821,"section_number":"55.1-2204","catch_line":"Applicability of local ordinances, regulations, and building codes","url":"\/55.1-2204\/","token":"55.1\/IV\/22\/1\/55.1-2204","metadata":false},{"id":64236,"structure_id":14821,"section_number":"55.1-2205","catch_line":"Use of terms","url":"\/55.1-2205\/","token":"55.1\/IV\/22\/1\/55.1-2205","metadata":false},{"id":63785,"structure_id":14821,"section_number":"55.1-2206","catch_line":"Severability of provisions of time-share instruments","url":"\/55.1-2206\/","token":"55.1\/IV\/22\/1\/55.1-2206","metadata":false}],"previous_section":{"id":75239,"structure_id":14821,"section_number":"55.1-2202","catch_line":"Administrative agency","url":"\/55.1-2202\/","token":"55.1\/IV\/22\/1\/55.1-2202","metadata":false},"next_section":{"id":68031,"structure_id":14821,"section_number":"55.1-2204","catch_line":"Applicability of local ordinances, regulations, and building codes","url":"\/55.1-2204\/","token":"55.1\/IV\/22\/1\/55.1-2204","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2203\/","history_text":"

This law was first created in 1981. The record of its establishment is cataloged in chapter 462 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 1981 \u201cActs\u201d aren\u2019t available online. It has been modified 3 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 1985, chapter 517; in 1994, chapter 580<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":61697,"section_number":"55.1-2201","catch_line":"Applicability","order_by":null,"url":"\/55.1-2201\/"}],"refers_to":false,"permalink":{"id":247485,"object_type":"law","relational_id":86282,"identifier":"55.1-2203","token":"55.1\/IV\/22\/1\/55.1-2203","url":"\/55.1-2203\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2203\/","token":"55.1\/IV\/22\/1\/55.1-2203","dublin_core":{"Title":"Status of time-share estates with respect to real property interests","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2203","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A document transferring or encumbering a time-share estate<\/span> shall not be rejected for recordation within the Commonwealth because of the nature or duration of that estate or interest, provided that the document complies with all other recordation requirements. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each time-share estate<\/span> constitutes for purposes of title a separate estate or interest in a unit<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For purposes of local real property taxation, each time-share unit<\/span>, other than a unit operated for time-share use<\/span>, shall be valued in the same manner as if such unit were owned by a single taxpayer. The total cumulative purchase price paid by the time-share owners<\/span> for a unit shall not be utilized by the commissioner of revenue or other local assessing officer as a factor in determining the assessed value of such unit. A unit operated as a time-share use<\/span>, however, may be assessed the same as other income-producing and investment property. The commissioner of revenue or other local assessing officer shall list in the land book a time-share unit<\/span> in the name of the association<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSTATUS OF TIME-SHARE ESTATES WITH RESPECT TO REAL PROPERTY INTERESTS (\u00a7\n55.1-2203)\n\nA. A document transferring or encumbering a time-share estate shall not be\nrejected for recordation within the Commonwealth because of the nature or\nduration of that estate or interest, provided that the document complies with\nall other recordation requirements.\n\nB. Each time-share estate constitutes for purposes of title a separate estate or\ninterest in a unit.\n\nC. For purposes of local real property taxation, each time-share unit, other\nthan a unit operated for time-share use, shall be valued in the same manner as\nif such unit were owned by a single taxpayer. The total cumulative purchase\nprice paid by the time-share owners for a unit shall not be utilized by the\ncommissioner of revenue or other local assessing officer as a factor in\ndetermining the assessed value of such unit. A unit operated as a time-share\nuse, however, may be assessed the same as other income-producing and investment\nproperty. The commissioner of revenue or other local assessing officer shall\nlist in the land book a time-share unit in the name of the association.\n\nHISTORY: 1981, c. 462, \u00a7 55-363; 1985, c. 517; 1994, c. 580; 2019, c. 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}}