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.
Va. Code Ann. § 58.1-3601
Property becomes taxable immediately upon sale by tax-exempt owner
Code 1950, § 58-16.1; 1964, c. 178; 1984, c. 675.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.