CHAPTER 308

An Act to amend and reenact § 58-811.1, as amended, of the Code of
Virginia, relating to assessment for taxation of certain new buildings.

[(S 2041
Approved March 31, 1964

Be it enacted by the General Assembly of Virginia:

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

§ 58-811.1. In any county, incorporated town or city in which a
resolution so directing shall have been adopted by an affirmative vote of a
majority of the members of the governing body thereof, all new buildings
substantially completed * or fit for use, occupancy and enjoyment prior to
November one of the year of completion shall be assessed when so com-
pleted or fit for use, occupancy and enjoyment, and the commissioner of the
revenue of such county, incorporated town 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 is 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 for that year shall be computed
according to the ratio which the portion of the year such building is
substantially completed or fit for use, occupancy and enjoyment bears to
the entire year, and with respect to any assessment made under this section
after September one of any year the five per cent penalty for nonpayment
by December five shall be extended to February five of the succeeding year.