CHAPTER 414

An Act to amend and reenact § 58-811.1, as amended, of the Code of
Virginia, relating to assessment of new buildings and providing an
extension of time for paying such assessment. CH 234]

Approved March 30, 1960

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 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 * substantially com-
pleted and fit for use, occupancy and enjoyment prior to November one of
the year of completion shall be assessed when so completed, and the com-
missioner 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 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 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.