"The governing body of any county or city may
provide for the abatement of levies on buildings which are (i) razed,
or (ii) destroyed or damaged by a fortuitous happening beyond the
control of or (ii) destroyed or damaged by a fortuitous happening
beyond the control of the owner. In any county or city wherein assessments
are made as provided in § 58.1-3292 or § 58.1-3292.1,
the governing body shall so provide. No such abatement, however, shall
be allowed if the destruction or damage to such building shall decrease
the value thereof by less than $500. Also, no such abatement shall
be allowed unless the destruction or damage renders the building unfit
for use and occupancy for 30 days or more during the calendar year.
The tax on such razed, destroyed or damaged building is computed according
to the ratio which the portion of the year the building was fit for
use, occupancy and enjoyment bears to the entire year. Application
for such abatement shall be made by or on behalf of the owner of the
building within six months of the date on which the building was razed,
destroyed or damaged."
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