§ 58.1-803. Deeds of trust or mortgages; maximum tax.
A. A recordation tax on deeds of trust or mortgages is hereby imposed at arate of 25 cents on every $100 or portion thereof of the amount of bonds orother obligations secured thereby. In the event of an open or revolving deedof trust, the amount of the obligation for purposes of this section shall bethe maximum amount which may be outstanding at any one time. In any case inwhich the amount which may be secured under a deed of trust or mortgage isnot ascertainable, the tax shall be based upon the fair market value of theproperty conveyed, determined as of the date of the deed of trust ormortgage. The fair market value of the property shall include the value ofany realty required by the terms of the deed of trust or mortgage to beconstructed thereon.
B. On deeds of trust or mortgages upon the works and property of a railroadlying partly within the Commonwealth and partly without the Commonwealth, thetax shall be only upon such proportion of the amount of bonds, or otherobligations secured thereby, as the number of miles of the line of suchcompany in the Commonwealth bears to the whole number of miles of the line ofsuch company conveyed by such deed of trust or mortgage.
Upon deeds of trust or mortgages conveying other property lying partly withinthe Commonwealth and partly without the Commonwealth the tax herein imposedshall be only upon such proportion of the debt secured as the value of theproperty located within the Commonwealth, or which may be brought into theCommonwealth, bears to the entire amount of property conveyed by such deed oftrust or mortgage.
C. On deeds of trust or mortgages, which provide for an initial issue ofbonds, to be followed thereafter by additional bonds, unlimited in amount, ifsuch deed of trust or mortgage provides that as and when such additionalbonds are issued a supplemental indenture shall be recorded in the office inwhich the original deed of trust or mortgage is first recorded, whichsupplement shall contain a statement as to the amount of the additional bondsto be issued, then the tax shall be paid upon the initial amount of bondswhen the original deed of trust is recorded and thereafter on each additionalamount of bonds when the supplemental indenture relating to such additionalbonds is recorded.
On deeds of trust or mortgages which are supplemental to or wrap aroundexisting deeds of trust on which the tax imposed hereunder has already beenpaid, the tax shall be paid only on that portion of the face amount of thebond or obligation secured thereby which is in addition to the amount of theexisting debt secured by a deed of trust or mortgage on which tax has beenpaid. The instrument shall certify the amount of the existing debt.
D. On deeds of trust or mortgages, the purpose of which is to refinance ormodify the terms of an existing debt with the same lender, which debt issecured by a deed of trust or mortgage on which the tax imposed hereunder hasbeen paid, the tax shall be paid only on that portion of the amount of thebond or other obligation secured thereby which is in addition to the amountof the original debt secured by a deed of trust or mortgage on which the taxhas been paid. The instrument shall certify the amount of original debt.
E. The maximum tax on the recordation of any deed of trust or mortgage or onany indenture supplemental thereto shall be determined in accordance with thefollowing schedule:
On the first $10 million of value as determined pursuant to this section, 25cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 22cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 19cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 16cents upon every $100 or portion thereof; and
On all over $40 million of value as determined pursuant to this section, 13cents upon every $100 or portion thereof, incorporated into this section.
(Code 1950, § 58-55; 1972, c. 186; 1977, c. 611; 1978, cc. 68, 805; 1982, c.630; 1983, c. 553; 1984, c. 675; 1998, c. 349; 2004, Sp. Sess. I, c. 3.)
§ 58.1-803. Deeds of trust or mortgages; maximum tax.
A. A recordation tax on deeds of trust or mortgages is hereby imposed at arate of 25 cents on every $100 or portion thereof of the amount of bonds orother obligations secured thereby. In the event of an open or revolving deedof trust, the amount of the obligation for purposes of this section shall bethe maximum amount which may be outstanding at any one time. In any case inwhich the amount which may be secured under a deed of trust or mortgage isnot ascertainable, the tax shall be based upon the fair market value of theproperty conveyed, determined as of the date of the deed of trust ormortgage. The fair market value of the property shall include the value ofany realty required by the terms of the deed of trust or mortgage to beconstructed thereon.
B. On deeds of trust or mortgages upon the works and property of a railroadlying partly within the Commonwealth and partly without the Commonwealth, thetax shall be only upon such proportion of the amount of bonds, or otherobligations secured thereby, as the number of miles of the line of suchcompany in the Commonwealth bears to the whole number of miles of the line ofsuch company conveyed by such deed of trust or mortgage.
Upon deeds of trust or mortgages conveying other property lying partly withinthe Commonwealth and partly without the Commonwealth the tax herein imposedshall be only upon such proportion of the debt secured as the value of theproperty located within the Commonwealth, or which may be brought into theCommonwealth, bears to the entire amount of property conveyed by such deed oftrust or mortgage.
C. On deeds of trust or mortgages, which provide for an initial issue ofbonds, to be followed thereafter by additional bonds, unlimited in amount, ifsuch deed of trust or mortgage provides that as and when such additionalbonds are issued a supplemental indenture shall be recorded in the office inwhich the original deed of trust or mortgage is first recorded, whichsupplement shall contain a statement as to the amount of the additional bondsto be issued, then the tax shall be paid upon the initial amount of bondswhen the original deed of trust is recorded and thereafter on each additionalamount of bonds when the supplemental indenture relating to such additionalbonds is recorded.
On deeds of trust or mortgages which are supplemental to or wrap aroundexisting deeds of trust on which the tax imposed hereunder has already beenpaid, the tax shall be paid only on that portion of the face amount of thebond or obligation secured thereby which is in addition to the amount of theexisting debt secured by a deed of trust or mortgage on which tax has beenpaid. The instrument shall certify the amount of the existing debt.
D. On deeds of trust or mortgages, the purpose of which is to refinance ormodify the terms of an existing debt with the same lender, which debt issecured by a deed of trust or mortgage on which the tax imposed hereunder hasbeen paid, the tax shall be paid only on that portion of the amount of thebond or other obligation secured thereby which is in addition to the amountof the original debt secured by a deed of trust or mortgage on which the taxhas been paid. The instrument shall certify the amount of original debt.
E. The maximum tax on the recordation of any deed of trust or mortgage or onany indenture supplemental thereto shall be determined in accordance with thefollowing schedule:
On the first $10 million of value as determined pursuant to this section, 25cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 22cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 19cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 16cents upon every $100 or portion thereof; and
On all over $40 million of value as determined pursuant to this section, 13cents upon every $100 or portion thereof, incorporated into this section.
(Code 1950, § 58-55; 1972, c. 186; 1977, c. 611; 1978, cc. 68, 805; 1982, c.630; 1983, c. 553; 1984, c. 675; 1998, c. 349; 2004, Sp. Sess. I, c. 3.)
§ 58.1-803. Deeds of trust or mortgages; maximum tax.
A. A recordation tax on deeds of trust or mortgages is hereby imposed at arate of 25 cents on every $100 or portion thereof of the amount of bonds orother obligations secured thereby. In the event of an open or revolving deedof trust, the amount of the obligation for purposes of this section shall bethe maximum amount which may be outstanding at any one time. In any case inwhich the amount which may be secured under a deed of trust or mortgage isnot ascertainable, the tax shall be based upon the fair market value of theproperty conveyed, determined as of the date of the deed of trust ormortgage. The fair market value of the property shall include the value ofany realty required by the terms of the deed of trust or mortgage to beconstructed thereon.
B. On deeds of trust or mortgages upon the works and property of a railroadlying partly within the Commonwealth and partly without the Commonwealth, thetax shall be only upon such proportion of the amount of bonds, or otherobligations secured thereby, as the number of miles of the line of suchcompany in the Commonwealth bears to the whole number of miles of the line ofsuch company conveyed by such deed of trust or mortgage.
Upon deeds of trust or mortgages conveying other property lying partly withinthe Commonwealth and partly without the Commonwealth the tax herein imposedshall be only upon such proportion of the debt secured as the value of theproperty located within the Commonwealth, or which may be brought into theCommonwealth, bears to the entire amount of property conveyed by such deed oftrust or mortgage.
C. On deeds of trust or mortgages, which provide for an initial issue ofbonds, to be followed thereafter by additional bonds, unlimited in amount, ifsuch deed of trust or mortgage provides that as and when such additionalbonds are issued a supplemental indenture shall be recorded in the office inwhich the original deed of trust or mortgage is first recorded, whichsupplement shall contain a statement as to the amount of the additional bondsto be issued, then the tax shall be paid upon the initial amount of bondswhen the original deed of trust is recorded and thereafter on each additionalamount of bonds when the supplemental indenture relating to such additionalbonds is recorded.
On deeds of trust or mortgages which are supplemental to or wrap aroundexisting deeds of trust on which the tax imposed hereunder has already beenpaid, the tax shall be paid only on that portion of the face amount of thebond or obligation secured thereby which is in addition to the amount of theexisting debt secured by a deed of trust or mortgage on which tax has beenpaid. The instrument shall certify the amount of the existing debt.
D. On deeds of trust or mortgages, the purpose of which is to refinance ormodify the terms of an existing debt with the same lender, which debt issecured by a deed of trust or mortgage on which the tax imposed hereunder hasbeen paid, the tax shall be paid only on that portion of the amount of thebond or other obligation secured thereby which is in addition to the amountof the original debt secured by a deed of trust or mortgage on which the taxhas been paid. The instrument shall certify the amount of original debt.
E. The maximum tax on the recordation of any deed of trust or mortgage or onany indenture supplemental thereto shall be determined in accordance with thefollowing schedule:
On the first $10 million of value as determined pursuant to this section, 25cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 22cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 19cents upon every $100 or portion thereof;
On the next $10 million of value as determined pursuant to this section, 16cents upon every $100 or portion thereof; and
On all over $40 million of value as determined pursuant to this section, 13cents upon every $100 or portion thereof, incorporated into this section.
(Code 1950, § 58-55; 1972, c. 186; 1977, c. 611; 1978, cc. 68, 805; 1982, c.630; 1983, c. 553; 1984, c. 675; 1998, c. 349; 2004, Sp. Sess. I, c. 3.)
