[Adopted 6-25-2002]
Annual real estate taxes assessed within the County shall be paid in semiannual installments, one installment being due and payable on or before June 5 of the taxable year and the second and remaining installment shall be due and payable on or before December 5 of the taxable year.
A penalty in the amount of 10% of any tax past due or for failure to pay the tax due on each of the two installment dates shall be assessed and collected by the Treasurer of the County on each of the installment dates on the day after such taxes shall be due and payable; and such penalty, when so assessed, shall become a part of the tax.
Interest at the rate of 10% per annum from the first day of the month following the installment dates on which such taxes are due and payable shall accrue and be collected upon the principal and penalties of such taxes remaining unpaid. The penalties and interest shall be collected and accounted for by the officers charged with the duty of collecting such taxes, along with the principal sum thereof.
The payment and collection of such real estate taxes on a semiannual basis, including penalties and interest which may be due thereon, shall be effective for the taxable year beginning January 1, 2002, and all years thereafter.
New buildings or structures shall be assessed, whether entirely finished or not, at their actual value on January 1 of each year. New buildings or structures shall be assessed at their full value when substantially completed and fit for occupancy if so completed or fit for use and occupancy prior to November 1 of the tax year. The Commissioner of the Revenue shall enter in the books the fair market value of such buildings or structures; provided that no partial assessment for newly completed buildings or structures shall become effective until information as to the date and amount of assessment is recorded in the Treasurer's office and made available for public inspection. That tax imposed shall be computed in accordance with §58.1-3292 of the Code of Virginia of 1950, as amended. With respect to any assessment made under this section after September 1 of any year, the penalty for nonpayment by December 5, as set forth in § 145-31 of this Code, shall be extended to February 5 of the succeeding year.
Nothing contained in this article shall relieve the assessment and collection officials of said County from otherwise complying with all the provisions of Title 58.1 of the Code of Virginia of 1950, as amended.
This article shall become effective July 1, 2002, following adoption by the Board of Supervisors of Mathews County, Virginia, at their meeting of the 25th day of June 2002.