Virginia Administrative Code
Title 23 - TAXATION
Agency 10 - DEPARTMENT OF TAXATION
Chapter 320 - RECORDATION TAX REGULATIONS
Section 23VAC10-320-90 - When supplemental writings not taxable
Universal Citation: 3 VA Admin Code 10-320-90
Current through Register Vol. 41, No. 3, September 23, 2024
A. A deed of assumption by which the purchaser assumes the deed of trust or mortgage of the grantor (seller) is not taxable.
| Example: | |
| Real estate sold for | $100,000 |
| Cash payment for equity | 30,000 |
| Assumption of Deed of Trust (No tax) | 70,000 |
| Tax under § 58.1-802 computed on the consideration of $100,000 | 150.00 |
| Tax under § 58.1-803 computed on consideration ($100,000) less value of lien or encumbrance ($70,000) remaining on real estate at time of sale | 30.00 |
| Tax under § 58.1-814 by county or city | 50.00 |
| TOTAL TAX (state & local) | $230.00 |
Statutory Authority
§§ 58.1-203 and 58.1-809 of the Code of Virginia.
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