                                 CODE OF VIRGINIA

STATUS OF TIME-SHARE ESTATES WITH RESPECT TO REAL PROPERTY INTERESTS (§
55.1-2203)

A. 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.

B. Each time-share estate constitutes for purposes of title a separate estate or
interest in a unit.

C. 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.

HISTORY: 1981, c. 462, § 55-363; 1985, c. 517; 1994, c. 580; 2019, c. 712.