When payment of annual taxes or levies on real estate and tangible
personal property, machinery and tools and merchants' capital is not
made when due on June 5 and on December 5, a penalty of 10% of the
taxes past due shall be assessed on June 6 and December 6 and shall
therewith be due and payable in addition to said annual taxes.
Whenever said past due taxes, together with the penalty, have
not been paid by the due date, interest at the annual rate of 10%
shall begin from the first day after such taxes are due and shall
be collected upon the principal and penalties of all taxes then remaining
unpaid pursuant to the Code of Virginia.
