19850514 1985-11ORDINANCE NO. 1985-11
AN ORDINANCE PROVIDING THAT SUBSTANTIALLY COMPLETED
BUILDINGS SHALL BE ASSESSED AND ENTERED ONTO THE
CITY REAL ESTATE TAX ROLLS AT FAIR MARKET VALUE
BE IT ORDAINED by the Council of the City of Fairfax,
Virginia, that Section 8-6 of the Fairfax City Code be and hereby
is amended to read in its entirety as follows:
"Section 8-6 Real estate to be assessed at fair market value;
taxes for each year to be extended on the basis of last assess-
ment.
(a) Ail real estate subject to the provisions of
this article shall be assessed at its fair market
value. The taxes for each year on such real estate
shall be extended on the basis of the last assessment
made prior to such year, subject to such changes as may
have been lawfully made.
(b) Ail new buildings substantially completed or
fit for use and occupancy prior to November 1 of the
year of completion shall be assessed when so completed
or fit for use and occupancy, and the City assessor
shall enter the fair market value of such building onto
the real estate assessment rolls. No partial assess-
ment as provided herein shall become effective until
the date and amount of such assessment is recorded and
made available for public inspection. The total tax on
any such new building for that year shall be the sum of
(i) the tax upon the assessment of the completed
building, computed according to the ratio which the
portion of the year such building is substantially
completed or fit for use and occupancy bears to the
entire year, and (ii) the tax upon the assessment of
such new building as it existed on January 1 of that
assessment year, computed according to the ratio which
the portion of the year such building was not substan-
tially complete or fit for use and occupancy bears to
the entire year. With respect to any assessment made
under this section after September 1 of any year, the
penalty for nonpayment by December 5 shall be extended
to February 5 of the succeeding year."
This Ordinance shall become effective immediately upon its
execution by the Mayor.
PUBLIC HEARING: May 14t 1985
ADOPTED:
May 14, 1985
ATTEST:
y C~erk '
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