23VAC10-320-120: Taxation of instruments relating to property located in more than one jurisdiction

A. When a deed conveys real estate located in two separate jurisdictions, the formula for prorating the local tax is:

$1,000,000 (Property in jurisdiction #1)

x $1,575.00 (State recordation tax) ÷ 1/3

$1,050,000 (Total property conveyed)

= $500 (Local tax for jurisdiction #1)

$50,000 (Property in jurisdiction #2)

x $1,575.00 (State recordation tax) ÷ 1/3

$1,050,000 (Total property conveyed)

= $25 (Local tax for jurisdiction #2)

B. The formula for the local tax on a deed of trust conveying property located in two jurisdictions is:

Value of property in jurisdiction #1

x Total debt x Rate of tax = State recordation tax ÷ 1/3

Total value of all property

= Local tax for jurisdiction #1

Value of property in jurisdiction #2

x Total debt x Rate of tax = State recordation tax ÷ 1/3

Total value of all property

= Local tax for jurisdiction #2