2006 Code of Virginia § 58.1-3219.1 - Conditions of deferral; payment of deferred amounts

58.1-3219.1. Conditions of deferral; payment of deferred amounts.

The deferral program provided in this article shall allow the taxpayer theoption of deferring all or any portion of the real estate tax that exceeds105 percent of the real estate tax on such property owned by the taxpayer inthe previous tax year. The governing body may adopt a higher minimumpercentage increase figure.

The deferred amount shall be subject to interest computed at a rateestablished by the governing body, not to exceed the rate establishedpursuant to 6621 of the Internal Revenue Code. The accumulated amount oftaxes deferred and interest shall be paid to the county, city, or town by theowner upon the sale or transfer of the property, or from the estate of thedecedent within one year after the death of the owner. If the real estate isowned jointly and all such owners applied and qualified for the deferralprogram established by ordinance, the death of one of the joint owners shallnot disqualify the survivor or survivors from participating in the deferralprogram. All accumulated deferred taxes and interest shall be paid within oneyear of the date of death of the last qualifying owner. The accumulatedamount of tax deferred and interest shall constitute a lien upon the realestate.

(1990, cc. 858, 871; 1991, cc. 316, 331; 2005, cc. 502, 561.)