                                 CODE OF VIRGINIA

ASSESSMENT OF NEW BUILDINGS SUBSTANTIALLY COMPLETED IN A COUNTY OPERATING UNDER
THE URBAN COUNTY EXECUTIVE FORM OF GOVERNMENT, AND IN CERTAIN OTHER CITIES AND
COUNTIES; EXTENSION OF TIME FOR PAYING ASSESSMENT (§ 58.1-3292.1)

A. In the Counties of Arlington, Fairfax, Loudoun, and Prince William, and the
Cities of Alexandria, Fairfax, Falls Church, Manassas, and Manassas Park, upon
the adoption of an ordinance so providing, all new buildings shall be assessed
when substantially completed or fit for use and occupancy, regardless of the
date of completion or fitness, and the commissioner of the revenue of such
county, city or town shall enter in the books the fair market value of such
building.

B. 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.

C. With respect to any assessment made under this section after November 1 of
any year, no penalty for nonpayment shall be imposed until the last to occur of
(i) December 5 of such year or (ii) 30 days following the date of the official
billing.

HISTORY: 1999, c. 760; 2003, cc. 6, 581; 2007, c. 813.