Tax Type
Recordation Tax
Description
Basis for Supplemental Lease
Topic
Rate of Tax
Date Issued
12-22-1970
The tax basis for the recordation of a supplemental lease, in which the aggregate rentals are less than the value of the covered property is the aggregate rentals payable under that lease. If the rentals exceed the property value then the tax is limited, under § 58-58 of the Virginia Code, to the actual value of the property at the date of lease.
Attorney General's Opinion