                                 CODE OF VIRGINIA

FAILURE OF COUNTY OR CITY TO COMPLY WITH LAW ON GENERAL REASSESSMENT OF REAL
ESTATE (§ 58.1-3259)

If any county or city fails to comply with the provisions of this article
requiring a general reassessment of real estate periodically in such county or
city by omitting such general reassessment in the year required by this article,
or by failing to comply with the provisions of § 58.1-3201 requiring assessment
at 100 percent fair market value, the Department, on receiving proof of such
delinquency, shall so notify the Comptroller, whereupon the Comptroller shall
withhold from such county or city the payment of its share of the net profits of
the operation of the alcoholic beverage control system as provided for by §
4.1-117 until such time as the provisions of § 58.1-3201 have been complied
with in such county or city. Results of the Tax Department&#8217;s official
assessment sales ratio study showing such county or city to have a sales
assessment ratio lower than 70 percent or higher than 130 percent for the year a
general reassessment or annual assessment is effective shall be prima facie
proof that such locality has failed to assess at 100 percent.
		The Department shall notify the Comptroller to pay over the accumulated
profits, less a penalty charge of eight percent annually, on receipt of the
results of an official assessment sales ratio study showing such county or city
to have a sales assessment ratio higher than 70 percent and less than 130
percent.

HISTORY: Code 1950, § 58-795.2; 1964, c. 281; 1979, c. 156; 1980, c. 125; 1983,
c. 161; 1984, c. 675; 1993, c. 866; 2010, c. 552.