58.1-3515 - Tax day January 1. - Virginia Statutes

§ 58.1-3515. Tax day January 1.

Except as provided under § 58.1-3010, and except as provided by ordinance orspecial act in localities authorized to tax certain property on aproportional monthly or quarterly basis, tangible personal property,machinery and tools and merchants' capital shall be returned for taxation asof January 1 of each year, which date shall be known as the effective date ofassessment or the tax day. The status of all persons, firms, corporations andother taxpayers liable for taxation on any of such property shall be fixed asof the date aforesaid in each year and the value of all such property shallbe taken as of such date, except that any county, city or town may permit ataxpayer to return as merchants' capital the average amount of capitalemployed in his business on such date and on the next preceding August first.

(Code 1950, § 58-835; 1979, cc. 571, 576; 1982, c. 623; 1984, c. 675.)