58.1-3506.7 - Effective date; change in circumstances. - Virginia Statutes

§ 58.1-3506.7. Effective date; change in circumstances.

A reclassification enacted pursuant to § 58.1-3506.1 may be granted for anyyear following the date that the qualifying individual reaches the age ofsixty-five years or for any year following the date the disability occurred.Changes in income, financial worth, ownership of property or other factorsoccurring during the taxable year for which an affidavit is filed and havingthe effect of exceeding or violating the limitations and conditions providedherein or by county, city or town ordinance shall nullify any preferentialtax rate for the remainder of the current taxable year and the taxable yearimmediately following. However, any locality may by ordinance provide aprorated preferential tax rate for the portion of the taxable year duringwhich the taxpayer qualified for such rate.

(1991, c. 646.)