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2001 SESSION

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CHAPTER 246 An Act to amend the Code of Virginia by adding a section numbered 15.2-2511.1, relating to return of local surplus funds. [H 2758] Approved March 14, 2001

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 15.2-2511.1 as follows:

§ 15.2-2511.1. Return of local surplus funds.

Any county with a population between 65,000 and 70,000 according to the 1990 United States Census may by ordinance develop a method for returning surplus real property tax revenues to taxpayers who are assessed real property taxes in any fiscal year in which the county reports a surplus. The county may reduce a taxpayer's refund by the amount of any taxes, penalties and interest that are due from such taxpayer, or any past-due taxes, penalties and interest that have been assessed within the appropriate period of limitations.