                                 CODE OF VIRGINIA

INTEREST ON TAXES NOT PAID BY FOLLOWING DAY (§ 58.1-3918)

Interest at the rate of ten percent per annum from the first day following the
day such taxes are due shall be collected upon the principal and penalties of
all taxes then remaining unpaid, which penalty and interest shall be collected
and accounted for by the officers charged with the duty of collecting such
taxes, along with the principal sum thereof. Interest at the same rate shall
also be applied and paid to the taxpayer on overpayments due to erroneously
assessed taxes to be paid to the taxpayer, provided that no interest shall be
required to be paid on such refund if (i) the amount of the refund is ten
dollars or less or (ii) the refund is the result of proration pursuant to §
58.1-3516. But this section shall not apply to local taxes in any county, city
or town when the penalty or interest on such taxes is regulated by ordinance
under § 58.1-3916.

HISTORY: Code 1950, § 58-964; 1954, c. 277; 1973, c. 410; 1980, c. 663; 1982,
c. 87; 1984, c. 675; 1999, c. 631; 2000, c. 507.