58.1-3259 - Failure of county or city to comply with law on general reassessment of real estate. - Virginia Statutes

§ 58.1-3259. Failure of county or city to comply with law on generalreassessment of real estate.

If any county or city fails to comply with the provisions of this articlerequiring a general reassessment of real estate periodically in such countyor city by omitting such general reassessment in the year required by thisarticle, or by failing to comply with the provisions of § 58.1-3201 requiringassessment at 100 percent fair market value, the Department, on receivingproof of such delinquency, shall so notify the Comptroller, whereupon theComptroller shall withhold from such county or city the payment of its shareof the net profits of the operation of the alcoholic beverage control systemas provided for by § 4.1-117 until such time as the provisions of § 58.1-3201have been complied with in such county or city. Results of the TaxDepartment's official assessment sales ratio study showing such county orcity to have a sales assessment ratio lower than 70 percent or higher than130 percent for the year a general reassessment or annual assessment iseffective shall be prima facie proof that such locality has failed to assessat 100 percent.

The Department shall notify the Comptroller to pay over the accumulatedprofits, less a penalty charge of eight percent annually, on receipt of theresults of an official assessment sales ratio study showing such county orcity to have a sales assessment ratio higher than 70 percent and less than130 percent.

(Code 1950, § 58-795.2; 1964, c. 281; 1979, c. 156; 1980, c. 125; 1983, c.161; 1984, c. 675; 1993, c. 866; 2010, c. 552.)