                                 CODE OF VIRGINIA

INTEREST ON FUNDS RECEIVED IN PREPAYMENT OF LOCAL TAXES (§ 58.1-3920.1)

The governing body of any county, city or town may provide, by ordinance, for a
program permitting the voluntary prepayment of designated local taxes at any
time before such taxes have been assessed or, if assessed, before such taxes are
due and payable. The program may provide for the payment of interest at a rate
established by ordinance. The governing body may further provide that, upon
payment in full of any and all taxes due from such taxpayer, the accrued
interest or any remaining portion thereof may be paid to the taxpayer or held in
prepayment of tax obligations to be assessed at a later date, at the
taxpayer&#8217;s election.

HISTORY: 1989, c. 34.