CHAPTER 77

An Act to amend and reenact § 58-811.1 of the Code of Virginia, relating
to assessment of new buildings. CH 256)

Approved February 21, 1958

Be it enacted by the General Assembly of Virginia:

1. That § 58-811.1 of the Code of Virginia be amended and reenacted
as follows:

§ 58-811.1. In any county or city in which a resolution so directing
shall have been adopted by an affirmative vote of a majority of the mem-
bers of the governing body thereof, all new buildings shall be assessed
when substantially completed and fit for use, occupancy and enjoyment
and the commissioner of the revenue of such county or city shall enter in
the books the fair market value of such building ; provided, however, that
no such partial assessment shall become effective until information as to
the date and amount of such assessment its recorded in the office of the
official authorized to collect taxes on real property and made available for
public inspection. The tax on such new building shall be computed accord-
ing to the ratio which the portion of the year such building is fit for use,
occupancy and enjoyment bears to the entire year.