§ 58.1-3506.7. Effective date; change in circumstances
A reclassification enacted pursuant to § 58.1-3506.1 may be granted for any year following the date that the qualifying individual reaches the age of sixty-five years or for any year following the date the disability occurred. Changes in income, financial worth, ownership of property or other factors occurring during the taxable year for which an affidavit is filed and having the effect of exceeding or violating the limitations and conditions provided herein or by county, city or town ordinance shall nullify any preferential tax rate for the remainder of the current taxable year and the taxable year immediately following. However, any locality may by ordinance provide a prorated preferential tax rate for the portion of the taxable year during which the taxpayer qualified for such rate.
(1991, c. 646.)
Sections: Previous 58.1-3506 58.1-3506.1 58.1-3506.2 58.1-3506.3 58.1-3506.4 58.1-3506.5 58.1-3506.6 58.1-3506.7 58.1-3506.8 58.1-3507 58.1-3508 58.1-3508.1 58.1-3508.2 58.1-3509 58.1-3510 NextLast modified: April 16, 2009