[Adopted 12-6-2010]
All new buildings substantially completed or fit for use and
occupancy prior to November 1 of the year of completion shall be assessed
when so completed or fit for use and occupancy, and the commissioner
of the revenue shall enter in the books the fair market value of such
building. No partial assessment as provided herein shall become effective
until information as to the date and amount of such assessment is
recorded in the office of the treasurer and made available for public
inspection.
A.
The total
tax on any such new building for that year shall be the sum of:
(1)
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; and
(2)
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.
B.
With respect
to any assessment made under this section after September 1 of any
year, the penalty for nonpayment by December 5 shall be extended to
February 5 of the succeeding year.
