58.1-3010 - Counties, cities and towns may levy taxes on fiscal year basis of July 1 through June 30, and change rate of levy during fiscal year.
§ 58.1-3010. Counties, cities and towns may levy taxes on fiscal year basisof July 1 through June 30, and change rate of levy during fiscal year.
Notwithstanding any other provision of law, special or general, to thecontrary, the governing body of any county, city or town may by ordinanceprovide that taxes on real estate, tangible personal property and machineryand tools be levied and imposed on a fiscal year basis of July 1 to June 30.Such locality is authorized and empowered to change the rate of any such levyduring any fiscal year.
As to any locality which has adopted such ordinance all provisions of thisCode specifying a date or month relative to the levy, payment or collectionof such taxes shall be interpreted to specify the corresponding date or monthof the fiscal year, except that all property shall be assessed as of January1 prior to such fiscal year unless otherwise specifically provided under §58.1-3011.
In order to effect a change to a fiscal tax year pursuant to this section,any locality may have a short calendar year from January 1 through June 30,or a short fiscal year from January 1 through June 30. All provisions of lawapplicable to the assessment of property, levy, payment and collection oftaxes for a calendar year shall apply to such short tax year. If such shortyear is a fiscal year, the locality may borrow beginning January 1 pursuantto §§ 15.2-2629 and 15.2-2631 as if it had been on such fiscal year from theprior July 1. If such short year is a calendar year, borrowing pursuant to §§15.2-2629 and 15.2-2631 must be repaid at the time specified in § 15.2-2631for fiscal year borrowings.
Any locality which levies taxes on a fiscal year basis, as authorized bygeneral law or special act, shall exonerate or refund its personal propertytax for that portion of the tax year for which the property was properlyassessed by another jurisdiction in the Commonwealth and the tax paid.
(Code 1950, § 58-851.6; 1966, c. 374; 1974, c. 294; 1981, c. 437; 1984, c.675.)