23 Va. Admin. Code § 10-320-90 - When Supplemental Writings Not Taxable.
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 |
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