SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2015 SESSION

  • | print version

SB 999 Deeds of trust or mortgages; calculation of tax shall be calculated using rate scale, etc.

Introduced by: Richard H. Stuart | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

State recordation taxes and fees. Clarifies and makes substantive and technical changes to state recordation taxes and fees, including requiring that the recordation tax on any deed of trust that is supplemental to an existing deed of trust be calculated only on that portion of the debt that is in addition to the original debt on which the tax has been paid. Under current law, such calculation of the recordation tax is restricted to supplemental deeds of trust with the same lender. This bill is identical to HB 2161.

SUMMARY AS PASSED SENATE:

Deeds of trust or mortgages; maximum tax. Clarifies the calculation of the tax on supplemental or modified deeds of trust or mortgages, such that the tax is based on the difference between the maximum obligation secured, regardless of whether such amount is actually owed or outstanding, and the maximum obligation secured at the time the original instrument was recorded.

SUMMARY AS INTRODUCED:

Deeds of trust or mortgages; maximum tax. Clarifies the calculation of the tax on supplemental or modified deeds of trust or mortgages, such that the tax is based on the difference between the maximum obligation secured, regardless of whether such amount is actually owed or outstanding, and the maximum amount of debt secured at the time the original instrument was recorded.