CODE OF VIRGINIA PROPERTY BECOMES TAXABLE IMMEDIATELY UPON SALE BY TAX-EXEMPT OWNER (§ 58.1-3601) Any property exempt from taxation pursuant to this chapter which is subsequently sold to a person not having tax-exempt status shall immediately become subject to taxation and be assessed therefor. The tax levied for the current year shall be prorated for the remainder of the tax year. HISTORY: Code 1950, § 58-16.1; 1964, c. 178; 1984, c. 675.