Va. Code § 58.1-3601

Current with changes from the 2024 legislative session through ch. 845

Section 58.1-3601 - Property becomes taxable immediately upon sale by tax-exempt owner

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.

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

Amended by Acts 1984, c. 675.

Amended by Acts 1964, c. 178.