58.1-3601 - Property becomes taxable immediately upon sale by tax-exempt owner.
§ 58.1-3601. Property becomes taxable immediately upon sale by tax-exemptowner.
Any property exempt from taxation pursuant to this chapter which issubsequently sold to a person not having tax-exempt status shall immediatelybecome subject to taxation and be assessed therefor. The tax levied for thecurrent year shall be prorated for the remainder of the tax year.
(Code 1950, § 58-16.1; 1964, c. 178; 1984, c. 675.)