Chap. 185.-An ACT to amend and re-enact section 121 of the Tax Code of Vir-
ginia, in relation to recordation taxes on deeds, deeds of trust, mortgages,
leases, contracts and agreements. [S B 101]

Approved March 22, 1932

1. Be it enacted by the general assembly of Virginia, That section
one hundred and twenty-one of the Tax Code of Virginia, relating to
recordation taxes on deeds, deeds of trust, mortgages, leases, contracts
and agreements, as heretofore amended, be amended and re-enacted so
as to read as follows: :

Section 121. Recordation tax on deeds, deeds of trust, mortgages,
leases, contracts and agreements.—On every deed, except a deed ex-
empt from taxation by law, which is admitted to record, the tax shall
be twelve cents on every hundred dollars or fraction thereof of the
consideration of the deed or the actual value of the property conveyed,
whichever is greater ;

On deeds of trust or mortgages such tax shall be upon the amount
of bonds or other obligations secured thereby ; ,

On deeds of trust or mortgages upon the works and property of a
railroad or other internal improvement company, lying partly in this
State and partly in another State, such tax shall be upon such propor-
tion of the amount of bonds, or other obligations secured thereby as
the number of miles of the line of such company in this State bears to
the whole number of miles of the lines of such company conveyed by
such deed of trust or mortgage;

Upon deeds conveying property lying partly within this State and
partly without this State, the tax herein imposed shall apply only to
the value of so much of the property conveyed in the State as is situ-
ated within the State of Virginia, and upon deeds of trust or mortgage
conveying property lying partly within this State and partly without
this State the tax herein imposed shall be only upon such proportion
of the debt secured as the value of the property located within this
State, or which may be brought into this State, bears to the entire
amount of property conveyed by such deed of trust or mortgage ;

The tax on a deed of release shall be fifty cents ;

The tax on any deed of partition among joint tenants, tenants in
comnion or co-partners, shall be fifty cents.
On every contract relating to real or personal property, except as
hereinafter provided, which is admitted to record, the tax shall be
twelve cents on every hundred dollars or fraction thereof of the con-
sideration 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 where the annual rental, multi-
plied 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.

On every contract or agreement relating to the sale of rolling stock
or equipment (whether the title is reserved in the vendor or not), with
a railroad corporation or other corporation or with a person, firm or
company, admitted to record, the tax shall be twelve cents on every
hundred dollars or fraction thereof, of the amount contracted for in
such contract or agreement, except in the case of a railroad corpora-
tion lying partly in this State and partly in another State, in which
case the tax shall be upon such proportion of the amount contracted
for as the number of miles of the line of such railroad corporation in
this State bears to the whole number of miles of line of such railroad
corporation.

This section is not to be construed as requiring the sayin of any
tax for the admitting to record of any deed of trust, mortgage, con-
tract, agreement, or other writing supplemental to any deed of trust,
mortgage, contract, agreement, or other writing theretofore admitted
to record and upon which the tax herein imposed has been paid, herein-
after called the original instrument, where the sole purpose and effect
of the said supplemental deed of trust, mortgage, contract, agreement,
or other writing is to convey, set over, or pledge property, real or per-
sonal, 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 said supplemental deed of trust, mortgage, con-
tract, agreement, or other writing.

No additional recordation tax shall be required for admitting to
record any deed of confirmation or deed of correction where the tax
had been paid at the time of the recordation of the original deed;
provided, that, if the said 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.

On deeds of trust or mortgages, which provide for an initial issue
of bonds, and thereafter additional bonds, unlimited in amount, if
such deed of trust or mortgage shall provide that as and when such
additional bonds are issued a supplemental indenture shall be recorded
in the office in which the original deed of trust or mortgage is first
recorded, which supplement shall contain a statement as to the amount
of the additional bonds to be issued, then the tax shall be paid upon
the initial amount of bonds when the original deed of trust is re-
corded and on each additional amount of bonds when the supplemen-
tal indenture, relating to such additional bonds, shall be recorded.

When the charter of a corporation is amended, and the only effect
of such amendment is to change the corporate name of such corpora-
tion, the tax upon the recordation of a deed conveying to, or vesting
in, such corporation under its changed name, the title to any or all
of the real or personal property of such corporation held in its name
as it existed immediately prior to such amendment, shall be fifty cents.

The tax on every deed, contract or other instrument shall be de-
termined and collected by the clerk in whose office it is first offered for
recordation, and may thereafter be recorded in the office of any other
clerk without the payment of any tax.

Any instrument may be re-recorded free of tax in the same clerk’s
office when the record containing such instrument has been destroyed
by fire or otherwise. :

The division of purchase and printing shall furnish to such clerks
at the cost of the State suitable and necessary books for properly re-
cording and indexing the deeds, deeds of trust, mortgages, leases, con-
tracts, and agreements on which recordation taxes are collected under
this section.