In accordance with Code of Virginia, § 58.1-3292, all new buildings substantially
completed or fit for use and occupancy prior to November 1 of the year of completion
shall be assessed by the assessor when such building is so completed or fit for use
and occupancy. 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 treasurer and made available for public inspection. The taxes 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 taxes 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 competed or fit for use and occupancy
bears to the entire year. With respect to any assessment made under this section after
September 1 of any year, the penalty for nonpayment by December 5 provided in section 9-16 shall be extended to February 5 of the succeeding year.
(Ord. of 6-23-99, § 1)
