58.1-3918 - Interest on taxes not paid by following day.
§ 58.1-3918. Interest on taxes not paid by following day.
Interest at the rate of ten percent per annum from the first day followingthe day such taxes are due shall be collected upon the principal andpenalties of all taxes then remaining unpaid, which penalty and interestshall be collected and accounted for by the officers charged with the duty ofcollecting such taxes, along with the principal sum thereof. Interest at thesame rate shall also be applied and paid to the taxpayer on overpayments dueto erroneously assessed taxes to be paid to the taxpayer, provided that nointerest shall be required to be paid on such refund if (i) the amount of therefund is ten dollars or less or (ii) the refund is the result of prorationpursuant to § 58.1-3516. But this section shall not apply to local taxes inany county, city or town when the penalty or interest on such taxes isregulated 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.)