§ 34.019 GRANTING OF EXEMPTION.

   (A)   An exemption may be granted for any year following the date that the head of the household occupying the dwelling and owning title or partial title thereto reaches the age of 65 years.

   (B)   If after an audit and investigation the Commissioner of the Revenue determines that the person is qualified for exemption, the Commissioner shall so certify the exemption, and shall determine the percentage of exemption allowable and issue nonnegotiable exemption certificates in the amount of the exemption determined to be applicable to the claimant’s real estate tax liability. This exemption certificate shall apply only to the tax year for which issued. The person to whom an exemption certificate has been issued shall, on or before the past due date established for the payment of the real estate tax, acknowledge that he or she is claiming credit under this exemption certificate to the Clerk/Treasurer, together with the payment of the difference between the exemption and the full amount of the tax payment then due on the property for which the exemption was issued. The Clerk/Treasurer shall check the claim against the list furnished him or her by the Commissioner, and if the Commissioner’s report shows the issuance of the certificate, credit shall be allowed. Any person not claiming credit on the taxes on or before the date specified for payment shall not thereafter be entitled to the credit.

   (C)   Where the person claiming exemption conforms to the standards and does not exceed the limitations contained in this division, the tax exemption shall be as shown on a schedule established by the county.

   (D)   Changes in respect to income, financial worth, ownership of property or other factors occurring during the taxable year for which the affidavit mentioned in § 34.018 is filed and having the effect of exceeding or violating the limitations and/or conditions provided in this section shall be promptly reported to the Commissioner of the Revenue by the applicant, and shall nullify any relief of real estate tax liability for the then-current taxable year and the taxable year immediately following.

(1997 Code, § 62-61)

BANK FRANCHISE TAX

§ 34.030 DEFINITIONS.

   For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.

   BANK. As provided in VA Code, § 58.1-1201.

   NET CAPITAL. A bank’s net capital computed pursuant to VA Code, § 58.1-1205.

(1997 Code, § 62-86)

§ 34.031 TAX IMPOSED.

   (A)   Pursuant to the provisions of VA Code, §§ 58.1-1200 et seq., there is hereby imposed upon each bank located within the boundaries of this town a tax on net capital equaling 80%of the state rate of franchise tax set forth in VA Code, § 58.1-1204.

   (B)   If any bank located within the boundaries of this town also has offices that are located outside the corporate limits of the town, the tax shall be apportioned as provided by VA Code, § 58.1-1211.

(1997 Code, § 62-87)

Statutory reference:

   Bank franchise tax, see VA Code, §§ 58.1-1200 et seq.

   Town tax, see VA Code, § 58.1-1209

§ 34.032 FILING OF RETURN AND PAYMENT OF TAX.

   (A)   On or after January 1 of each year, but not later than March 1 of any such year, all banks whose principal offices are located within this town shall prepare and file with the Commissioner of the Revenue a return as provided by VA Code, § 58.1-1207, in duplicate, which shall set forth the tax on net capital computed pursuant to VA Code, §§ 58.1-1200 et seq. The Commissioner of the Revenue shall certify a copy of the bank’s return and schedules and shall forthwith transmit the certified copy to the State Department of Taxation.

   (B)   If the principal office of a bank is located outside the corporate boundaries of this town and the bank has branch offices located within this town, in addition to the filing requirements set forth in division (A) of this section, any bank conducting the branch business shall file with the Clerk/Treasurer a copy of the real estate deduction schedule, apportionment and other items which are required by VA Code, §§ 58.1-1207, 58.1-1211 and 58.1-1212.

   (C)   Each bank, on or before June 1 of each year, shall pay into the Clerk/Treasurer’s office of this town all taxes imposed pursuant to this subchapter.

(1997 Code, § 62-88)

Statutory reference:

   Filing of return and payment of tax, see

    VA Code, § 58.1-1207