{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-503.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-503.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-503.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-503.html"}],"law_id":72822,"edition_id":1,"section_id":72822,"structure_id":15130,"section_number":"55.1-503","catch_line":"Rules of calculation under \u00a7 55.1-502","history":"1946, p. 556; Michie Suppl. 1946, \u00a7 5133a2; Code 1950, \u00a7 55-273; 1973, c. 355; 1981, c. 612; 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 joint life tenants are entitled. Multiply this interest by the present value of an annuity of $1, as shown in Column II of § 55.1-500, for the joint equal age of such joint life tenants. The joint equal age of such tenants shall be obtained as follows: Take the difference in age in years between such tenants and refer to the table in § 55.1-502 and add to the younger age the value opposite such difference, and the sum is the joint equal age; take this joint equal age and refer to the table in § 55.1-500 and find in Column II the value of an annuity of $1 a year payable for life during such joint equal age. The product of the interest and the value of an annuity for a given joint equal age is the gross value of the joint life estate of such person therein.B\n\nExample: Doe, age 30, and Roe, age 40, are joint tenants for life in the whole of an estate worth $10,500: The difference in ages is 10 and, as shown by the table in § 55.1-502, the value opposite age difference 10 is seven. Seven added to 30, Doe’s age, gives 37; as shown by the table in § 55.1-500, the value in Column II for an annuity of $1 for two joint lives at joint equal age 37 is $10.44 and no mills, and this, multiplied by $840 (the interest at eight percent on $10,000), gives $8,769.60 as the gross value of the joint life estate of such persons.","order_by":null,"text":{"0":{"id":262356,"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 joint life tenants are entitled. Multiply this interest by the present value of an annuity of $1, as shown in Column II of § 55.1-500, for the joint equal age of such joint life tenants. The joint equal age of such tenants shall be obtained as follows: Take the difference in age in years between such tenants and refer to the table in § 55.1-502 and add to the younger age the value opposite such difference, and the sum is the joint equal age; take this joint equal age and refer to the table in § 55.1-500 and find in Column II the value of an annuity of $1 a year payable for life during such joint equal age. The product of the interest and the value of an annuity for a given joint equal age is the gross value of the joint life estate of such person therein.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":262357,"text":"Example: Doe, age 30, and Roe, age 40, are joint tenants for life in the whole of an estate worth $10,500: The difference in ages is 10 and, as shown by the table in § 55.1-502, the value opposite age difference 10 is seven. Seven added to 30, Doe’s age, gives 37; as shown by the table in § 55.1-500, the value in Column II for an annuity of $1 for two joint lives at joint equal age 37 is $10.44 and no mills, and this, multiplied by $840 (the interest at eight percent on $10,000), gives $8,769.60 as the gross value of the joint life estate of such persons.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-503\/","history_text":"

The record of this law\u2019s original creation isn\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 1973, chapter 355; in 1981, chapter 612; in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":[{"id":76205,"section_number":"55.1-500","catch_line":"Annuity table","order_by":null,"url":"\/55.1-500\/"},{"id":69650,"section_number":"55.1-502","catch_line":"Table of uniform seniority","order_by":null,"url":"\/55.1-502\/"}],"permalink":{"id":245339,"object_type":"law","relational_id":72822,"identifier":"55.1-503","token":"55.1\/I\/5\/55.1-503","url":"\/55.1-503\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-503\/","token":"55.1\/I\/5\/55.1-503","dublin_core":{"Title":"Rules of calculation under \u00a7 55.1-502","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-503","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 joint life tenants are entitled. Multiply this interest by the present value of an annuity of $1, as shown in Column II of § 55.1-500<\/a>, for the joint equal age of such joint life tenants. The joint equal age of such tenants shall be obtained as follows: Take the difference in age in years between such tenants and refer to the table in § 55.1-502<\/a> and add to the younger age the value opposite such difference, and the sum is the joint equal age; take this joint equal age and refer to the table in § 55.1-500<\/a> and find in Column II the value of an annuity of $1 a year payable for life during such joint equal age. The product of the interest and the value of an annuity for a given joint equal age is the gross value of the joint life estate of such person therein. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Example: Doe, age 30, and Roe, age 40, are joint tenants for life in the whole of an estate worth $10,500: The difference in ages is 10 and, as shown by the table in § 55.1-502<\/a>, the value opposite age difference 10 is seven. Seven added to 30, Doe’s age, gives 37; as shown by the table in § 55.1-500<\/a>, the value in Column II for an annuity of $1 for two joint lives at joint equal age 37 is $10.44 and no mills, and this, multiplied by $840 (the interest at eight percent on $10,000), gives $8,769.60 as the gross value of the joint life estate of such persons. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRULES OF CALCULATION UNDER \u00a7 55.1-502 (\u00a7 55.1-503)\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 joint life tenants\nare entitled. Multiply this interest by the present value of an annuity of $1,\nas shown in Column II of § 55.1-500, for the joint equal age of such joint\nlife tenants. The joint equal age of such tenants shall be obtained as follows:\nTake the difference in age in years between such tenants and refer to the table\nin § 55.1-502 and add to the younger age the value opposite such\ndifference, and the sum is the joint equal age; take this joint equal age and\nrefer to the table in § 55.1-500 and find in Column II the value of an\nannuity of $1 a year payable for life during such joint equal age. The product\nof the interest and the value of an annuity for a given joint equal age is the\ngross value of the joint life estate of such person therein.\n\nB. Example: Doe, age 30, and Roe, age 40, are joint tenants for life in the\nwhole of an estate worth $10,500: The difference in ages is 10 and, as shown by\nthe table in § 55.1-502, the value opposite age difference 10 is seven.\nSeven added to 30, Doe’s age, gives 37; as shown by the table in §\n55.1-500, the value in Column II for an annuity of $1 for two joint lives at\njoint equal age 37 is $10.44 and no mills, and this, multiplied by $840 (the\ninterest at eight percent on $10,000), gives $8,769.60 as the gross value of the\njoint life estate of such persons.\n\nHISTORY: 1946, p. 556; Michie Suppl. 1946, \u00a7 5133a2; Code 1950, \u00a7 55-273;\n1973, c. 355; 1981, c. 612; 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}}