{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-501.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-501.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-501.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-501.html"}],"law_id":59907,"edition_id":1,"section_id":59907,"structure_id":15130,"section_number":"55.1-501","catch_line":"Rule of calculation under \u00a7 55.1-500","history":"Code 1919, \u00a7\u00a7 5132, 5133; 1946, p. 555; Code 1950, \u00a7\u00a7 55-270, 55-271; 1973, c. 355; 1981, c. 612; 1990, c. 831; 2019, c. 712.","full_text":"A\n\nCalculate the interest at eight percent upon the sum to the income of which, or upon the value of the property to the use of which, the person is entitled. Multiply this interest by the present value of an annuity of $1, as set opposite the person’s age in the table, and the product is the gross value of the life estate of such person.B\n\nExample: Suppose a person whose age is 42 is a tenant for life in the whole of an estate worth $10,500. The annual interest on that sum at eight percent is $840. The present value of an annuity of $1 at the age of 42, as shown by the table, is $10.77, which, multiplied by $840, gives $9,046.80 as the gross value of such life estate in the premises, or the proceeds of such life estate.","order_by":null,"text":{"0":{"id":219423,"text":"Calculate the interest at eight percent upon the sum to the income of which, or upon the value of the property to the use of which, the person is entitled. Multiply this interest by the present value of an annuity of $1, as set opposite the person’s age in the table, and the product is the gross value of the life estate of such person.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":219424,"text":"Example: Suppose a person whose age is 42 is a tenant for life in the whole of an estate worth $10,500. The annual interest on that sum at eight percent is $840. The present value of an annuity of $1 at the age of 42, as shown by the table, is $10.77, which, multiplied by $840, gives $9,046.80 as the gross value of such life estate in the premises, or the proceeds of such life estate.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15130,"edition_id":1,"name":"Commutation and Valuation of Certain Estates and Interests","identifier":"5","label":"chapter","depth":3,"order_by":1,"parent_id":13327,"metadata":{},"date_created":"2026-06-26 03:52:22","date_modified":"2026-06-26 03:52:22","permalink":{"id":245325,"object_type":"structure","relational_id":15130,"identifier":"5","token":"55.1\/I\/5","url":"\/55.1\/I\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13327,"edition_id":1,"name":"Property Conveyances","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:39","date_modified":"2026-06-26 03:44:39","permalink":{"id":244771,"object_type":"structure","relational_id":13327,"identifier":"I","token":"55.1\/I","url":"\/55.1\/I\/","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":76205,"structure_id":15130,"section_number":"55.1-500","catch_line":"Annuity table","url":"\/55.1-500\/","token":"55.1\/I\/5\/55.1-500","metadata":false},{"id":59907,"structure_id":15130,"section_number":"55.1-501","catch_line":"Rule of calculation under \u00a7 55.1-500","url":"\/55.1-501\/","token":"55.1\/I\/5\/55.1-501","metadata":false},{"id":69650,"structure_id":15130,"section_number":"55.1-502","catch_line":"Table of uniform seniority","url":"\/55.1-502\/","token":"55.1\/I\/5\/55.1-502","metadata":false},{"id":72822,"structure_id":15130,"section_number":"55.1-503","catch_line":"Rules of calculation under \u00a7 55.1-502","url":"\/55.1-503\/","token":"55.1\/I\/5\/55.1-503","metadata":false},{"id":72791,"structure_id":15130,"section_number":"55.1-504","catch_line":"Makehamized mortality table","url":"\/55.1-504\/","token":"55.1\/I\/5\/55.1-504","metadata":false},{"id":84458,"structure_id":15130,"section_number":"55.1-505","catch_line":"Commutation in case of persons under disability","url":"\/55.1-505\/","token":"55.1\/I\/5\/55.1-505","metadata":false},{"id":57639,"structure_id":15130,"section_number":"55.1-506","catch_line":"Commutation of certain life estates","url":"\/55.1-506\/","token":"55.1\/I\/5\/55.1-506","metadata":false}],"previous_section":{"id":76205,"structure_id":15130,"section_number":"55.1-500","catch_line":"Annuity table","url":"\/55.1-500\/","token":"55.1\/I\/5\/55.1-500","metadata":false},"next_section":{"id":69650,"structure_id":15130,"section_number":"55.1-502","catch_line":"Table of uniform seniority","url":"\/55.1-502\/","token":"55.1\/I\/5\/55.1-502","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-501\/","history_text":"

The record of this law\u2019s original creation isn\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 1973, chapter 355; in 1981, chapter 612; in 1990, chapter 831; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":80125,"section_number":"64.2-308.9","catch_line":"Exclusions, valuation, and overlapping application","order_by":null,"url":"\/64.2-308.9\/"}],"refers_to":false,"permalink":{"id":245331,"object_type":"law","relational_id":59907,"identifier":"55.1-501","token":"55.1\/I\/5\/55.1-501","url":"\/55.1-501\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-501\/","token":"55.1\/I\/5\/55.1-501","dublin_core":{"Title":"Rule of calculation under \u00a7 55.1-500","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-501","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Calculate the interest at eight percent upon the sum to the income of which, or upon the value of the property to the use of which, the person is entitled. Multiply this interest by the present value of an annuity of $1, as set opposite the person’s age in the table, and the product is the gross value of the life estate of such person. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Example: Suppose a person whose age is 42 is a tenant for life in the whole of an estate worth $10,500. The annual interest on that sum at eight percent is $840. The present value of an annuity of $1 at the age of 42, as shown by the table, is $10.77, which, multiplied by $840, gives $9,046.80 as the gross value of such life estate in the premises, or the proceeds of such life estate. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRULE OF CALCULATION UNDER \u00a7 55.1-500 (\u00a7 55.1-501)\n\nA. Calculate the interest at eight percent upon the sum to the income of which,\nor upon the value of the property to the use of which, the person is entitled.\nMultiply this interest by the present value of an annuity of $1, as set opposite\nthe person’s age in the table, and the product is the gross value of the\nlife estate of such person.\n\nB. Example: Suppose a person whose age is 42 is a tenant for life in the whole\nof an estate worth $10,500. The annual interest on that sum at eight percent is\n$840. The present value of an annuity of $1 at the age of 42, as shown by the\ntable, is $10.77, which, multiplied by $840, gives $9,046.80 as the gross value\nof such life estate in the premises, or the proceeds of such life estate.\n\nHISTORY: Code 1919, \u00a7\u00a7 5132, 5133; 1946, p. 555; Code 1950, \u00a7\u00a7 55-270,\n55-271; 1973, c. 355; 1981, c. 612; 1990, c. 831; 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}}