20031111 2003-21ORDINANCE NO. 2003-
AN ORDINANCE AMENDING SECTION 90-52(B),
DIVISION 2, ARTICLE II, CHAPTER 90 OF THE CODE OF
THE CITY OF FAIRFAX, VIRGINIA, PERTAINING TO
ASSESSMENTS OF SUBSTANTIALLY COMPLETED
BUILDINGS.
BE IT ORDAINED, by the City Council of the City of Fairfax, that Section 90-52(b), Division
2, Article II, Chapter 90 of the Code of the City of Fairfax, Virginia, is hereby amended to read
in its entirety as follows:
DIVISION 2. ASSESSMENTS; REASSESSMENTS.
Sec. 90-52. Real estate assessed at fair market value; taxes for each year to be extended on
the basis of last assessment.
(b)
All new buildings substantially completed or fit for use and occupancy prior to
xTl ,,~ ....., ,,..~,,,,*'~ I .,."c**'~.,,, )'ear .,.^c ,,-,,,,v,,,-,~-~*;~ 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 assessment as provided in
this division shall become effective until the date and amount of such assessment is
recorded in the office of the official authorized to collect taxes on real property 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 tot he entire year, and (ii)
the tax upon which the portion of the year such building was not substantially
complete or fit for use and occupancy bears to the entire year. With respect to any
assessment made under this section after c~,~ I ^r ......... ~, .....1~,, r^~
November 1 of any year, no penalty for nonpa~ent shall be imposed until the last to
occur of (i) December 5 of such year or (ii) 30 days following the date of the official
billing.
Charter references: All real estate assessed at fair market value, 2.4
State law references: Assessments to be made at 100 percent of fair market value, Code of
Virginia, 58.1-3201, 58.1-3202; assessment of new buildings substantially completed, Code
of Virginia,.,~.~--,,--,-. ~ ~ -~a~ 3292.1.
BE IT FURTHER ORDAINED that this ordinance shall become effective upon
adoption as provided by law.
INTRODED: October 28, 2003
PUBLIC HEARING: November 11, 2003
ENACTED: November 11, 2003
Mayor
Date
ATTEST:
,A~cting City
J. Cross
J. Greenfield
G. Lyon
G. Rasmussen
S. Silverthome
P.Winter
Vote
Aye
Aye
Aye
Aye
Aye