(a) Pursuant to the authorization granted to the County under Va. Code § 58.1-3292(1950), as amended, the Commissioner of the Revenue or other assessing officer shall assess all new buildings substantially completed or fit for use and occupancy prior to November 1 of the year of completion.
(b) The total tax on any such new building for that year shall be the sum of 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, plus the tax 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 complete or fit for use and occupancy bears to the entire year.
(c) The penalty for nonpayment of taxes by December 5 of the tax year shall be extended to February 5 of the succeeding year for any assessment made after September 1 of the tax year for new buildings substantially completed or fit for use and occupancy.
(d) Pursuant to the authorization granted to the County under Va. Code § 58.1-3222(1950), as amended, the Commissioner of Revenue or other assessing officer, shall abate tax levies on buildings razed, destroyed or damaged by a fortuitous happening beyond the control of the owner. No such abatement, however, shall be allowed if the destruction or damage to such building decreases the value of the thereof by less than $500. Also, no such abatement shall be allowed unless the destruction or damage renders the building unfit for use and occupancy for thirty days or more during the calendar year. The tax on such razed, destroyed or damaged building shall be computed according to the ratio which the portion of the year the building was fit for use, occupancy and enjoyment bears to the entire year. Application for such abatement shall be made by or on behalf of the owner of the building within six months of the date on which the building was razed, destroyed or damaged.
(Ord. 97-11. Passed 11-5-97; Ord. 10-04. Passed 4-12-10; Ord. 12-16. Passed 12-5-12; Ord. 18-13. Passed 7-11-18.)