§ 58.1-3918. Interest on taxes not paid by following day
Interest at the rate of ten percent per annum from the first day following the day such taxes are due shall be collected upon the principal and penalties of all taxes then remaining unpaid, which penalty and interest shall be collected and accounted for by the officers charged with the duty of collecting such taxes, along with the principal sum thereof. Interest at the same rate shall also be applied and paid to the taxpayer on overpayments due to erroneously assessed taxes to be paid to the taxpayer, provided that no interest shall be required to be paid on such refund if (i) the amount of the refund is ten dollars or less or (ii) the refund is the result of proration pursuant to § 58.1-3516. But this section shall not apply to local taxes in any county, city or town when the penalty or interest on such taxes is regulated by ordinance under § 58.1-3916.
(Code 1950, § 58-964; 1954, c. 277; 1973, c. 410; 1980, c. 663; 1982, c. 87; 1984, c. 675; 1999, c. 631; 2000, c. 507.)
Sections: Previous 58.1-3914 58.1-3915 58.1-3916 58.1-3916.01 58.1-3916.02 58.1-3916.1 58.1-3917 58.1-3918 58.1-3919 58.1-3919.1 58.1-3920 58.1-3920.1 58.1-3921 58.1-3922 58.1-3923 NextLast modified: April 16, 2009