23VAC10-320-90: When supplemental writings not taxable

A. A deed of assumption by which the purchaser assumes the deed of trust or mortgage of the grantor (seller) is not taxable.

Example:

Real estate sold for

$100,000

Cash payment for equity

30,000

Assumption of Deed of Trust (No tax)

70,000

Tax under § 58.1-802 computed on the consideration of $100,000

150.00

Tax under § 58.1-803 computed on consideration ($100,000) less value of lien or encumbrance ($70,000) remaining on real estate at time of sale

30.00

Tax under § 58.1-814 by county or city

50.00

TOTAL TAX (state & local)

$230.00