Taxation of certain multi-unit real estate

Va. Code Ann. § 58.1-3202
in effect
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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. Code 1950, § 58-760; 1982, c. 619; 1983, cc. 556, 570; 1984, c. 675.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/58.1-3202/Fetched: 10/16/2026

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