This chapter shall be known as the "Recordation Tax Ordinance."
On every contract relating to real or personal property, except
as hereinafter provided, which is admitted to record, the tax shall
be $0.05 on every $100 or fraction thereof of the consideration or
value contracted for; provided, however, that the tax for recording
a deed of lease for a term of years shall be taxed according to the
provisions of this section, except that when the annual rental, multiplied
by the term for which the lease runs, equals or exceeds the actual
value of the property leased, then the tax for recording the deed
of lease shall be based upon the actual value of the property at the
date of lease.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
Sections
248-3 and
248-5 are not to be construed as requiring the payment of any tax for the admitting to record of any deed of trust, mortgage, contract or other writing supplemental to any deed of trust, mortgage, contract or other writing theretofore admitted to record and upon which the tax herein imposed has been paid, hereinafter called the original agreement, when the sole purpose and effect of the supplemental deed of trust, mortgage, contract or other writing is to convey, set over or pledge property, real or personal, in addition to or in substitution, in whole or in part, of the property conveyed, set over or pledged in the original instrument, to secure or to better secure the payment of the amount contracted for in the original instrument, but in such case there shall be no tax for the admitting to record of such supplemental deed of trust, mortgage, contract or other writing.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
No additional recordation tax shall be required for admitting to record any deed of confirmation or deed of correction or deed in which a husband and wife being tenants in common, joint tenants or tenants by the entireties, whether or not with the right of survivorship as at common law are both grantors and grantees from themselves to themselves, the only change being one of tenancy, or for any deed between parent and child or husband and wife and no monetary consideration passes between the parties, when the tax has been paid at the time of the recordation of the original deed or on any deed arising out of a contract to purchase real estate, when the tax as provided in §
248-5 with reference to such contract has been paid, provided that, if the tax already paid is less than a proper tax based upon the full amount of consideration or actual value of the property involved in the transaction, an additional tax shall be paid based on the difference between the full amount of such consideration or actual value and the amount on which the tax has been paid.
Any instrument may be rerecorded free of tax in the same Clerk's
office when the record containing such instrument has been destroyed
by fire or otherwise.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
All deeds and deeds of trust or mortgages exempt from the state
recordation tax under § 58.1-800 et seq. of the Code of
Virginia 1950, as amended, are likewise exempt from taxation under
this chapter; in addition, all deeds and other writings for which
the state recordation tax is a fixed amount unrelated to consideration
or value are exempt from the tax imposed by this chapter.
Except as provided in this chapter, no deed or other instrument
shall be admitted to record without the payment of the tax imposed
thereon by this chapter.