Va. Code § 58.1-3601: Property becomes taxable immediately upon sale by tax-exempt owner

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.Code 1950, § 58-16.1; 1964, c. 178; 1984, c. 675.