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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>71558</law_id><section_number>58.1-3601</section_number><catch_line>Property becomes taxable immediately upon sale by tax-exempt owner</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="36">Tax Exempt Property</unit><unit label="article" level="4" order_by="1" identifier="1">Exemptions Generally</unit></structure><text>
						<section><p>Any property exempt from taxation pursuant to this chapter which is subsequently sold to a person not having tax-exempt status shall immediately become subject to taxation and be assessed therefor. The tax levied for the current year shall be prorated for the remainder of the tax year.</p></section></text><history>Code 1950, &#xA7; 58-16.1; 1964, c. 178; 1984, c. 675.</history><metadata></metadata></law>
