Bulletin Number
VTB 81-16
Tax Type
Retail Sales and Use Tax
Description
Taxation of Property Repossessed by the Farmers Home Administration
Topic
Property Subject to Tax
Date Issued
07-21-1981
Subject: Taxation of Property Repossessed by the Farmers
Home Administration
In a memorandum dated May 12, 1981 addressed to the State Director, Farmers Home Administration, the Regional Attorney for FmHA rendered an opinion that the FmHA should pay taxes on repossessed property in Virginia. See 42 U.S.C. §1490h(1978). This property will frequently be deeded in the name of the United States of America.
This is a reversal of the policy concerning the tax status of these properties accepted by most localities in Virginia and is the result of correspondence between the State Attorney General's Office and the FmHA.
Tax Bulletins