                                 CODE OF VIRGINIA

INSTALLMENT PAYMENT OF ASSESSMENTS (§ 15.2-2413)

The locality making assessments under the provisions of this article may provide
that the persons against whom the assessments have been made may pay such
assessments in equal installments over a period not exceeding 20 years, together
with interest on the unpaid balances at an annual interest rate not to exceed
the rate of the index of average yield on United States Treasury securities
adjusted to a constant maturity of one year as made available by the Federal
Reserve Bank at the time the assessment ordinance was adopted. Such installments
shall become due at the same time that real estate taxes become due and payable
in the locality in which the assessment was made, and the amount of each
installment, including principal and interest, shall be shown on a bill mailed,
not later than 14 days prior to the installment due date, to each such person by
the treasurer.
		In cities, the council, in its discretion, may cause the payment of the amount
assessed or apportioned against each landowner, or fixed by agreement with him,
for improving sidewalks upon streets or for improving and paving alleys to be
made in such manner divided into such installments as shall be determined by the
council, bearing interest at such rate as shall be fixed by the council.
		If an assessment is made under the provisions of this article for the
installation of street lights, the locality making the assessment may provide by
ordinance that the actual costs of installing, maintaining and operating such
street lights be charged to and collected from each landowner as a separate
component of the locality&#8217;s billing system for any public utility.

HISTORY: 1964, c. 304, § 15.1-249.1; 1978, c. 15; 1983, c. 179; 1987, c. 201;
1989, c. 171; 1997, cc. 587, 601; 1999, c. 386; 2003, c. 198.