[Adopted 4-11-1994 as Ch. 62, Art. II of the 1994 Code]
State law references: Real property tax, Code of Virginia, § 58.1-3200 et seq.; tangible personal property tax and machinery and tools tax, Code of Virginia, § 58.1-3500 et seq.
There shall be levied and collected, for each calendar year, a tax of $0.12 on every $100 of the assessed value of all real estate, tracts of land, lots or mobile homes permanently affixed to the land with the improvements thereon, not exempted from taxation by the laws of the state. The assessed value of such real estate shall be 100% of the appraised value of such real estate. All new buildings substantially completed or fit for use, occupancy and enjoyment prior to November 1 of the year of completion shall be assessed when so completed or fit for use, occupancy and enjoyment, and the Commissioner of the Revenue of the county shall enter in the books the fair market value of such building, provided 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.
There shall be levied and collected, for each calendar year, a tax of $0.55 on every $100 of the appraised value of all personal property, machinery and tools, boats, motor vehicles, and mobile homes not permanently affixed to the land.
All taxes under this section shall be due and payable in the Town Office by September 30 of each year. There shall be a penalty of 10% of the amount due for any tax not paid by the due date, and interest shall accrue at the rate of 10% per annum for such due date.
State law reference: What real estate to be taxed, amount of assessment, Code of Virginia, § 58.1-3201.