§ 58.1-3292. Assessment of new buildings substantially completed, etc.; extension of time for paying assessmen...
In any county, city or town that has not adopted an ordinance pursuant to § 58.1-3292.1, upon the adoption of an ordinance so providing, all new buildings substantially completed or fit for use and occupancy prior to November 1 of the year of completion shall be assessed when so completed or fit for use and occupancy, and the commissioner of the revenue of such county, city or town shall enter in the books the fair market value of such building. No partial assessment as provided herein shall become effective until information as to the date and amount of such assessment is recorded in the office of the official authorized to collect taxes on real property and made available for public inspection. The total tax on any such new building for that year shall be the sum of (i) the tax upon the assessment of the completed building, computed according to the ratio which the portion of the year such building is substantially completed or fit for use and occupancy bears to the entire year, and (ii) the tax upon the assessment of such new building as it existed on January 1 of that assessment year, computed according to the ratio which the portion of the year such building was not substantially complete or fit for use and occupancy bears to the entire year. With respect to any assessment made under this section after September 1 of any year, the penalty for nonpayment by December 5 shall be extended to February 5 of the succeeding year.
(Code 1950, § 58-811.1; 1954, c. 250; 1958, c. 77; 1960, c. 414; 1964, c. 308; 1980, c. 497; 1984, c. 675; 1999, c. 760.)
Sections: Previous 58.1-3285 58.1-3286 58.1-3287 58.1-3288 58.1-3289 58.1-3290 58.1-3291 58.1-3292 58.1-3292.1 58.1-3293 58.1-3294 58.1-3295 58.1-3300 58.1-3301 58.1-3302 NextLast modified: April 16, 2009