CODE OF VIRGINIA

TAXATION OF CERTAIN MULTI-UNIT REAL ESTATE (§ 58.1-3202)

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

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