23 Va. Admin. Code § 10-320-120 - Taxation of Instruments Relating to Property Located in More Than One Jurisdiction.
A. When a deed conveys real estate located in two separate jurisdictions, the formula for prorating the local tax is:
| $1,000,000 (Property in jurisdiction #1) | x $1,575.00 (State recordation tax) ÷ 1/3 |
|---|---|
| $1,050,000 (Total property conveyed) |
= $500 (Local tax for jurisdiction #1)
| $50,000 (Property in jurisdiction #2) | x $1,575.00 (State recordation tax) ÷ 1/3 |
|---|---|
| $1,050,000 (Total property conveyed) |
= $25 (Local tax for jurisdiction #2)
B. The formula for the local tax on a deed of trust conveying property located in two jurisdictions is:
| Value of property in jurisdiction #1 | x Total debt x Rate of tax = State recordation tax ÷ 1/3 |
|---|---|
| Total value of all property |
= Local tax for jurisdiction #1
| Value of property in jurisdiction #2 | x Total debt x Rate of tax = State recordation tax ÷ 1/3 |
|---|---|
| Total value of all property |
= Local tax for jurisdiction #2
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