2006 Code of Virginia § 58.1-3292 - Assessment of new buildings substantially completed, etc.; extension of time for paying assessmen...

58.1-3292. Assessment of new buildings substantially completed, etc.;extension of time for paying assessment.

In any county, city or town that has not adopted an ordinance pursuant to 58.1-3292.1, upon the adoption of an ordinance so providing, all newbuildings substantially completed or fit for use and occupancy prior toNovember 1 of the year of completion shall be assessed when so completed orfit for use and occupancy, and the commissioner of the revenue of suchcounty, city or town shall enter in the books the fair market value of suchbuilding. No partial assessment as provided herein shall become effectiveuntil information as to the date and amount of such assessment is recorded inthe office of the official authorized to collect taxes on real property andmade available for public inspection. The total tax on any such new buildingfor that 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.With respect to any assessment made under this section after September 1 ofany year, the penalty for nonpayment by December 5 shall be extended toFebruary 5 of the succeeding year.

(Code 1950, 58-811.1; 1954, c. 250; 1958, c. 77; 1960, c. 414; 1964, c.308; 1980, c. 497; 1984, c. 675; 1999, c. 760.)