Be it enacted by the General Assembly of Virginia:
1. That § 58.1-801 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-801. Deeds generally; charter amendments.
A. On every deed admitted to record, except a deed exempt from taxation by law, there is hereby levied a state recordation tax. The rate of the tax shall be 25 cents on every $100 or fraction thereof of (i) the consideration of the deed or (ii) the actual value of the property conveyed, whichever is greater. For the purposes of this chapter, "value of the property conveyed" or "value of the interest" means the most recent property tax assessment for such property at the time the property is conveyed.
- As of July 1, 2024, deeds must state the consideration and the most recent assessed value on the first page. It is the responsibility of the submitter to have both values stated on the instrument. Staff will not provide or write the assessed value on any deed that is missing it at the time of submission. Recordation taxes will be based on the higher of the two values shown.