§ 26-760. Deeds of trust or mortgages.

(a)

There is hereby levied on every deed of trust or mortgage which is admitted to record in the Clerk's Office of the Circuit Court of the City a tax in an amount equal to one-third of the amount of the State recordation tax on every $100.00 or fraction thereof of the amount of bonds or other obligations secured thereby. In the event of an open or revolving deed of trust, the amount of the obligations for purposes of this section shall be the maximum amount which may be outstanding at any one time. In any case in which the amount which may be secured under a deed of trust or mortgage is not ascertainable, the tax shall be based upon the fair market value of the property conveyed, determined as of the date of the deed of trust or mortgage. The fair market value of the property shall include the value of any realty required by the terms of the deed of trust or mortgage to be constructed thereon.

(b)

On deeds of trust or mortgages upon the works and property of a railroad lying partly within the City and partly without the City, the tax shall be only upon such proportion of the amount of bonds, or other obligations secured thereby, as the number of miles of the line of such company in the City bears to the whole number of miles of the line of such company conveyed by such deed of trustor mortgage. Upon deeds of trust or mortgages conveying other property lying partly within the City and partly without the City the tax herein imposed shall be only upon such proportion of the debt secured as the value of the property located within the City, or which may be brought into the City, bears to the entire amount of property conveyed by such deed of trust or mortgage.

(c)

On deeds of trust or mortgages which provide for an initial issue of bonds to be followed thereafter by additional bonds, unlimited in amount, if such deed of trust or mortgage provides 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 recorded and thereafter on each additional amount of bonds when the supplemental indenture relating to such additional bonds is recorded. On deeds of trust or mortgages which are supplemental to or wrap around existing deeds of trust on which the tax imposed hereunder has already been paid, the tax shall be paid only on that portion of the face amount of the bond or obligation secured thereby which is in addition to the amount of the existing debt secured by a deed of trust or mortgage on which tax has been paid. The instrument shall certify the amount of the existing debt.

(d)

On deeds of trust or mortgages, the purpose of which is to refinance or modify the terms of an existing debt with the same lender, which debt is secured by a deed of trust or mortgage on which the tax imposed hereunder has been paid, the tax shall be paid only on that portion of the amount of the bond or other obligation secured thereby which is in addition to the amount of the existing debt secured by a deed of trust or mortgage on which the tax has been paid. The instrument shall certify the amount of existing debt.

(Code 1993, § 27-247; Code 2004, § 98-487; Ord. No. 2004-178-174, § 1, 6-28-2004)

State Law reference— Recordation tax on deeds of trust and mortgages, Code of Virginia, § 58.1-803; authority for city tax, Code of Virginia, § 58.1-3800.

(Code 1993, § 27-247; Code 2004, § 98-487; Ord. No. 2004-178-174, § 1, 6-28-2004)

State law reference

Recordation tax on deeds of trust and mortgages, Code of Virginia, § 58.1-803; authority for city tax, Code of Virginia, § 58.1-3800.