58.1-3011 - Use of July 1 as effective date of assessment. - Virginia Statutes

§ 58.1-3011. Use of July 1 as effective date of assessment.

The governing body of any county, city or town may provide by ordinance thatall taxable real estate or personal property and machinery and tools thereinbe assessed as of July 1 of each year, any other provision of law, generaland special, including the provisions of the charter of any city or town, tothe contrary notwithstanding. In any such locality, public servicecorporation property shall continue to be assessed at its value as of January1, prior to such assessment date. Any ordinance adopting a July 1 tax day forpersonal property as authorized hereunder shall require that a proratedrefund or credit of personal property tax be given for that portion of thetax year during which the property was legally assessed by anotherjurisdiction in the Commonwealth and the tax paid. Any locality providing forthe taxation of certain property on a proportional monthly or quarterly basisas authorized by general law or special act shall provide for a refund orcredit of personal property tax for any tax year or portion thereof duringwhich the property was legally assessed by another jurisdiction in theCommonwealth and the tax paid.

(Code 1950, § 58-851.7; 1966, c. 380; 1974, c. 294; 1978, c. 692; 1979, c.576; 1984, c. 675.)