§ 20-17. Assessment of new buildings and computation of tax thereon; when penalty accrues for nonpayment.

All new buildings in the county shall be assessed when substantially completed or fit for use, occupancy and enjoyment prior to completion on or before November 1, and the commissioner of the revenue shall enter in the books the fair market value of such building; provided, that no such partial assessment shall become effective until information as to the date and amount of such assessment is recorded in the office of the county treasurer and made available for public inspection. The tax on any such new building for that year shall be the sum of:

(1)

The tax upon the assessment of the completed building, computed according to the ratio which the portion of the year such building is substantially completed or fit for use, occupancy and enjoyment bears to the entire year, and

(2)

The tax upon the assessment of such new building as it existed on January one of that assessment year, computed according to the ratio which the portion of the year such building was not substantially complete or fit for use, occupancy and enjoyment bears to the entire year.

With respect to any assessment made under this section after September first of any year, the penalty prescribed in section 20-16 for nonpayment by December fifth shall be extended to February fifth of the succeeding year.

(Code 1974, § 17-1; Res. of 1-21-86)

State Law reference— Authority for above section, Code of Virginia, § 58.1-3292.

(Code 1974, § 17-1; Res. of 1-21-86)

State law reference

Authority for above section, Code of Virginia, § 58.1-3292.