15.2-2511.1 - Return of local surplus funds. - Virginia Statutes

§ 15.2-2511.1. Return of local surplus funds.

Any locality may by ordinance develop a method for returning surplus realproperty tax revenues to taxpayers who are assessed real property taxes inany fiscal year in which the locality reports a surplus. The locality mayreduce a taxpayer's refund by the amount of any taxes, penalties and interestthat are due from such taxpayer, or any past-due taxes, penalties andinterest that have been assessed within the appropriate period of limitations.

(2001, c. 246; 2005, c. 835.)