                                 CODE OF VIRGINIA

CONTRACTS GENERALLY; LEASES (§ 58.1-807)

A. Except as hereinafter provided, on every contract or memorandum thereof
relating to real or personal property admitted to record, a recordation tax is
hereby levied at the rate of 25 cents on every $100 or fraction thereof of the
consideration or value contracted for.

B. The recordation of a lease for a term of years, or assignment of the
lessee&#8217;s interest therein, or memorandum thereof, shall be taxed according
to the provisions of this section, unless provided otherwise in &#xA7; 58.1-809
or unless the annual rental, multiplied by the term for which the lease runs, or
remainder thereof, equals or exceeds the actual value of the property leased. In
such cases the tax for recording the lease shall be based upon the actual value
of the property at the date of lease, including the value of any realty required
by the terms of the lease to be constructed thereon by the lessor.

C. The recordation of an assignment of the lessor&#8217;s interest in a lease,
or memorandum thereof, shall be taxed according to the provisions of this
section, unless the assignment of the lessor&#8217;s interest in the lease is to
provide additional security for an obligation of the lessor on which the tax has
been previously paid, or the assignment of the lessor&#8217;s interest is made
to the person who owns the property which is subject to the lease. In such cases
there shall be no tax for recording the lessor&#8217;s assignment of the lease.

D. Notwithstanding the other provisions of this section, the tax on the
recordation of leases of oil and gas rights shall be $25. The tax on the
recordation of leases of coal and other mineral rights shall be $50.

E. Notwithstanding the other provisions of this section, the tax on the
recordation of leases of outdoor advertising signs owned by a person engaged in
the business of outdoor advertising licensed by the Virginia Department of
Transportation pursuant to &#xA7; 33.2-1209 shall be $25.

F. Notwithstanding the other provisions of this section, the tax on the
recordation of a lease of a communications tower or a communications tower site
shall be $75; the tax on the recordation of each lease to affix any
communications equipment or antenna to any such tower or other structure shall
be $15.

HISTORY: Code 1950, § 58-58; 1972, c. 186; 1981, c. 443; 1982, cc. 436, 630;
1983, c. 89; 1984, c. 675; 2001, c. 586; 2002, c. 14; 2004, c. 974; 2004, Sp.
Sess. I, c. 3; 2019, cc. 11, 49.