58.1-3292.1 - Assessment of new buildings substantially completed in a county operating under the urban county executive form of government, and in certain other cities and counties; extension of time
§ 58.1-3292.1. Assessment of new buildings substantially completed in acounty operating under the urban county executive form of government, and incertain other cities and counties; extension of time for paying assessment.
A. In the Counties of Arlington, Fairfax, Loudoun, and Prince William, andthe Cities of Alexandria, Fairfax, Falls Church, Manassas, and Manassas Park,upon the adoption of an ordinance so providing, all new buildings shall beassessed when substantially completed or fit for use and occupancy,regardless of the date of completion or fitness, and the commissioner of therevenue of such county, city or town shall enter in the books the fair marketvalue of such building.
B. No partial assessment as provided herein shall become effective untilinformation as to the date and amount of such assessment is recorded in theoffice of the official authorized to collect taxes on real property and madeavailable for public inspection. The total tax on any such new building forthat year shall be the sum of (i) the tax upon the assessment of thecompleted building, computed according to the ratio which the portion of theyear such building is substantially completed or fit for use and occupancybears to the entire year and (ii) the tax upon the assessment of such newbuilding as it existed on January 1 of that assessment year, computedaccording to the ratio which the portion of the year such building was notsubstantially complete or fit for use and occupancy bears to the entire year.
C. With respect to any assessment made under this section after November 1 ofany year, no penalty for nonpayment shall be imposed until the last to occurof (i) December 5 of such year or (ii) 30 days following the date of theofficial billing.
(1999, c. 760; 2003, cc. 6, 581; 2007, c. 813.)