                                 CODE OF VIRGINIA

EFFECTIVE DATE; CHANGE IN CIRCUMSTANCES (§ 58.1-3506.7)

A reclassification enacted pursuant to § 58.1-3506.1 may be granted for any
year following the date that the qualifying individual reaches the age of
sixty-five years or for any year following the date the disability occurred.
Changes in income, financial worth, ownership of property or other factors
occurring during the taxable year for which an affidavit is filed and having the
effect of exceeding or violating the limitations and conditions provided herein
or by county, city or town ordinance shall nullify any preferential tax rate for
the remainder of the current taxable year and the taxable year immediately
following. However, any locality may by ordinance provide a prorated
preferential tax rate for the portion of the taxable year during which the
taxpayer qualified for such rate.

HISTORY: 1991, c. 646.