                                 CODE OF VIRGINIA

DETERMINATION OF VALUE (§ 8.01-81.1)

A. Except as otherwise provided in subsections B and C, the court in every
partition action shall order an appraisal pursuant to subsection D, and such
appraisal shall inform the court&#8217;s determination of fair market value
under subsection F. The expense of the appraisal shall be advanced by the
plaintiff, and such other parties as the court may determine in its discretion,
and taxed as costs so that such expenses will be shared by the parties to the
extent of their respective interest in the property.

B. If all parties have agreed to the value of the property or to another method
of valuation, the court shall adopt such value or the value produced by the
agreed-upon method of valuation.

C. If the court determines that the evidentiary value of an appraisal is
outweighed by the cost of the appraisal, the court, after an evidentiary
hearing, shall enter an order to determine the fair market value for the
property.

D. If the court orders an appraisal, the court shall appoint a disinterested
real estate appraiser licensed in the Commonwealth to assist the court in
determining the fair market value of the property assuming sole ownership of the
fee simple estate. Upon completion of the appraisal, the appraiser shall file a
sworn or verified appraisal with the court and shall, within three business days
of such filing, mail a notice of filing to all counsel of record stating:

   1. The appraised fair market value of the property;

   2. That the appraisal is available at the clerk&#8217;s office; and

   3. That a party may file with the court an objection to the appraisal not
   later than 30 days after the notice is sent, stating the grounds for the
   objection.

E. If an appraisal is filed with the court pursuant to subsection D, the court
shall conduct a hearing to determine the fair market value of the property not
sooner than 31 days after a copy of the notice of the appraisal is sent to each
party under subsection D, whether or not an objection to the appraisal is filed
under subdivision D 3. In addition to the court-ordered appraisal, the court may
consider any other evidence of value offered by a party, which may include the
opinions of other appraisers retained by a party.

F. After a hearing under subsection E, but before considering the merits of the
partition action, the court shall enter an order determining the fair market
value of the property.

HISTORY: 2020, cc. 115, 193; 2023, c. 333.