15.2-2413 - Installment payment of assessments. - Virginia Statutes

§ 15.2-2413. Installment payment of assessments.

The locality making assessments under the provisions of this article mayprovide that the persons against whom the assessments have been made may paysuch assessments in equal installments over a period not exceeding 20 years,together with interest on the unpaid balances at an annual interest rate notto exceed the rate of the index of average yield on United States Treasurysecurities adjusted to a constant maturity of one year as made available bythe Federal Reserve Bank at the time the assessment ordinance was adopted.Such installments shall become due at the same time that real estate taxesbecome due and payable in the locality in which the assessment was made, andthe amount of each installment, including principal and interest, shall beshown on a bill mailed, not later than 14 days prior to the installment duedate, to each such person by the treasurer.

In cities, the council, in its discretion, may cause the payment of theamount assessed or apportioned against each landowner, or fixed by agreementwith him, for improving sidewalks upon streets or for improving and pavingalleys to be made in such manner divided into such installments as shall bedetermined by the council, bearing interest at such rate as shall be fixed bythe council.

If an assessment is made under the provisions of this article for theinstallation of street lights, the locality making the assessment may provideby ordinance that the actual costs of installing, maintaining and operatingsuch street lights be charged to and collected from each landowner as aseparate component of the locality's billing system for any public utility.

(1964, c. 304, § 15.1-249.1; 1978, c. 15; 1983, c. 179; 1987, c. 201; 1989,c. 171; 1997, cc. 587, 601; 1999, c. 386; 2003, c. 198.)