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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>74343</law_id><section_number>58.1-3202</section_number><catch_line>Taxation of certain multi-unit real estate</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="58.1">Taxation</unit><unit label="subtitle" level="2" order_by="1" identifier="III">Local Taxes</unit><unit label="chapter" level="3" order_by="1" identifier="32">Real Property Tax</unit><unit label="article" level="4" order_by="1" identifier="1">Taxable Real Estate</unit></structure><text>
						<section><p>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.</p></section></text><history>Code 1950, &#xA7; 58-760; 1982, c. 619; 1983, cc. 556, 570; 1984, c. 675.</history><metadata></metadata></law>
