                                 CODE OF VIRGINIA

TAX DAY JANUARY 1 (§ 58.1-3515)

Except as provided under § 58.1-3010, and except as provided by ordinance or
special act in localities authorized to tax certain property on a proportional
monthly or quarterly basis, tangible personal property, machinery and tools and
merchants&#8217; capital shall be returned for taxation as of January 1 of each
year, which date shall be known as the effective date of assessment or the tax
day. The status of all persons, firms, corporations and other taxpayers liable
for taxation on any of such property shall be fixed as of the date aforesaid in
each year and the value of all such property shall be taken as of such date,
except that any county, city or town may permit a taxpayer to return as
merchants&#8217; capital the average amount of capital employed in his business
on such date and on the next preceding August first.

HISTORY: Code 1950, § 58-835; 1979, cc. 571, 576; 1982, c. 623; 1984, c. 675.