                                 CODE OF VIRGINIA

CONDITIONS OF DEFERRAL; PAYMENT OF DEFERRED AMOUNTS (§ 58.1-3219.1)

The deferral program provided in this article shall allow the taxpayer the
option of deferring all or any portion of the real estate tax that exceeds 105
percent of the real estate tax on such property owned by the taxpayer in the
previous tax year. The governing body may adopt a higher minimum percentage
increase figure.
		The deferred amount shall be subject to interest computed at a rate
established by the governing body, not to exceed the rate established pursuant
to § 6621 of the Internal Revenue Code. The accumulated amount of taxes
deferred and interest shall be paid to the county, city, or town by the owner
upon the sale or transfer of the property, or from the estate of the decedent
within one year after the death of the owner. If the real estate is owned
jointly and all such owners applied and qualified for the deferral program
established by ordinance, the death of one of the joint owners shall not
disqualify the survivor or survivors from participating in the deferral program.
All accumulated deferred taxes and interest shall be paid within one year of the
date of death of the last qualifying owner. The accumulated amount of tax
deferred and interest shall constitute a lien upon the real estate.

HISTORY: 1990, cc. 858, 871; 1991, cc. 316, 331; 2005, cc. 502, 561.