                                 CODE OF VIRGINIA

PROPERTY BECOMES TAXABLE IMMEDIATELY UPON SALE BY TAX-EXEMPT OWNER (§
58.1-3601)

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.

HISTORY: Code 1950, § 58-16.1; 1964, c. 178; 1984, c. 675.