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 of Appomattox County 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 of Appomattox
County and made available for public inspection.
The total tax on any such new building for that year shall be
the sum of:
A. 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
B. 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.
With respect to any assessment made under this division after
September 1 of any year, the penalty for nonpayment by December 5
shall be extended to February 5 of the succeeding year.