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1995 SESSION
LD3236629Be it enacted by the General Assembly of Virginia:
1. That § 58.1-3340 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3340. Lien on real estate for taxes and levies assessed thereon; responsibility of purchaser at sale; lien on rents.
There shall be a lien on real estate for the payment of taxes and levies
assessed thereon prior to any other lien or encumbrance. The lien shall
continue to be such prior lien until actual payment shall have been made to
the proper officer of the taxing authority. The purchaser at a sale shall
cause the proceeds to be applied to the payment of all taxes and levies
assessed on real estate, the provisions of § 55-59.4 notwithstanding,
and in. In the case of the purchase of a portion of a tract
of land, the purchaser shall cause the proceeds to be applied to
the payment of taxes and levies assessed on the entire tract, prorated in
accordance with the relationship that the purchase price bears to the most
recent assessed value of the entire tract. If the cost per acre of the
purchased parcel is less than the assessed value per acre of the entire
tract, or if, in the reasonable opinion of the local commissioner of revenue
or other assessing officer, the purchase price is less than the fair market
value of the purchased parcel, the local commissioner of revenue or other
assessing officer may require that an appraisal, prepared by a
state-certified or state-licensed appraiser, of the purchased parcel be
provided, and in such event the proration shall be made in accordance with
the relationship that the greater of (i) the appraised value of the purchased
parcel or (ii) the purchase price bears to the most recent assessed value of
the entire tract. In the event a proration is necessary, the
purchaser's portion of such tract of land shall be relieved of such lien to
the extent the proceeds exceed the purchaser's pro rata share of taxes. It
shall be the responsibility of the treasurer or other proper officer of the
taxing authority to cause the release of the lien. The seller's liability for
taxes and levies shall be effectively prorated contractually. The words
"taxes" and "levies" as used in this section include the penalties and
interest accruing on such taxes and levies in pursuance of law. The lien
imposed hereby shall, in addition to existing remedies for the collection of
taxes and levies, be enforceable by suit in equity under the provisions of
Article 4 of Chapter 39 (§ 58.1-3965 et seq.).
There shall be a further lien upon the rents of such real estate whether the same be in money or in kind, for taxes of the current year.