55-363 - Status of time-share estates with respect to real property interests. - Virginia Statutes

§ 55-363. Status of time-share estates with respect to real propertyinterests.

A. A document transferring or encumbering a time-share estate shall not berejected for recordation within this Commonwealth because of the nature orduration of that estate or interest, provided the document complies with allother recordation requirements.

B. Each time-share estate constitutes for purposes of title a separate estateor interest in a unit.

C. For purposes of local real property taxation, each time-share unit, otherthan a unit operated for time-share use, shall be valued in the same manneras if such unit were owned by a single taxpayer. The total cumulativepurchase price paid by the time-share owners for a unit shall not be utilizedby the commissioner of revenue or other local assessing officer as a factorin determining the assessed value of such unit. A unit operated as atime-share use, however, may be assessed the same as other income producingand investment property. The commissioner of revenue or other local assessingofficer shall list in the land book a time-share unit in the name of theassociation.

(1981, c. 462; 1985, c. 517; 1994, c. 580.)