58.1-2025 - Omitted taxes. - Virginia Statutes

§ 58.1-2025. Omitted taxes.

If any tax-assessing officer or body authorized by law to assess taxes on anysubject of taxation pursuant to this subtitle, ascertains that any property,or any other subject of state taxation which such tax-assessing officer orbody would have been authorized to assess during any current tax year has notbeen assessed for any tax year of the three years last past, or that the samehas been assessed at less than the law required for any one or more of suchyears, or that the taxes thereon, for any cause, have not been realized, suchtax-assessing officer or body shall list and assess the same with taxes atthe rate prescribed for that year, adding thereto a penalty of ten percent,unless otherwise specifically provided by law, and interest at the rateestablished pursuant to § 58.1-15 which shall be computed upon the taxes andpenalty from December 15 of the year in which such taxes should have beenpaid to the date of the assessment. If the assessment is not paid withinthirty days after its date, interest at the rate established in § 58.1-15shall accrue thereon from the date of such assessment until payment.

(1985, c. 221.)