2010 Code of Virginia
Title 55 - PROPERTY AND CONVEYANCES.
Chapter 21 - The Virginia Real Estate Time-Share Act (55-360 thru 55-400)
55-363 - Status of time-share estates with respect to real property interests.
ยง 55-363. Status of time-share estates with respect to real property interests.
A. A document transferring or encumbering a time-share estate shall not be rejected for recordation within this Commonwealth because of the nature or duration of that estate or interest, provided the document complies with all other recordation requirements.
B. Each time-share estate constitutes for purposes of title a separate estate or interest in a unit.
C. For purposes of local real property taxation, each time-share unit, other than a unit operated for time-share use, shall be valued in the same manner as if such unit were owned by a single taxpayer. The total cumulative purchase price paid by the time-share owners for a unit shall not be utilized by the commissioner of revenue or other local assessing officer as a factor in determining the assessed value of such unit. A unit operated as a time-share use, however, may be assessed the same as other income producing and investment property. The commissioner of revenue or other local assessing officer shall list in the land book a time-share unit in the name of the association.
(1981, c. 462; 1985, c. 517; 1994, c. 580.)
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