                                 CODE OF VIRGINIA

ASSESSMENT OF NEW BUILDINGS SUBSTANTIALLY COMPLETED, ETC.; EXTENSION OF TIME FOR
PAYING ASSESSMENT (§ 58.1-3292)

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 new buildings
substantially completed or fit for use and occupancy prior to November 1 of the
year of completion shall be assessed when so completed or fit for use and
occupancy, and the commissioner of the revenue of such county, city or town
shall enter in the books the fair market value of such building. No partial
assessment as provided herein shall become effective until information as to the
date and amount of such assessment is recorded in the office of the official
authorized to collect taxes on real property and made available for public
inspection. The total tax on any such new building for that year shall be the
sum of (i) 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 and occupancy bears to the entire year,
and (ii) the tax upon the assessment of such new building as it existed on
January 1 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
and occupancy bears to the entire year. With respect to any assessment made
under this section after September 1 of any year, the penalty for nonpayment by
December 5 shall be extended to February 5 of the succeeding year.

HISTORY: 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.