58.1-3202 - Taxation of certain multi-unit real estate. - Virginia Statutes

§ 58.1-3202. Taxation of certain multi-unit real estate.

Beginning with assessments effective on January 1, 1984, the fair marketvalue of multi-unit real estate leased primarily to residential tenants shallbe determined without regard to its potential for conversion to condominiumor cooperative ownership. A sale of apartment property shall not be presumedto be for such conversion unless overt action which is a prerequisite toconversion by the buyer has been taken within three months from therecordation of the deed.

(Code 1950, § 58-760; 1982, c. 619; 1983, cc. 556, 570; 1984, c. 675.)