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2005 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-3219.1 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3219.1. Conditions of deferral; payment of deferred amounts.
The deferral program provided in this article shall allow the taxpayer the option of deferring all or any portion of the real estate tax that exceeds 105 percent of the real estate tax on such property owned by the taxpayer in the previous tax year. The governing body may adopt a higher minimum percentage increase figure.
The deferred amount shall be subject to interest computed at the
a rate established by the governing body, not to exceed the rate
established pursuant to § 6621 of the Internal Revenue Code. The accumulated
amount of taxes deferred and interest shall be paid to the county, city, or
town by the owner upon the sale or transfer of the property, or from the estate
of the decedent within one year after the death of the owner. If the real
estate is owned jointly and all such owners applied and qualified for the
deferral program established by ordinance, the death of one of the joint owners
shall not disqualify the survivor or survivors from participating in the
deferral program. All accumulated deferred taxes and interest shall be paid
within one year of the date of death of the last qualifying owner. The
accumulated amount of tax deferred and interest shall constitute a lien upon
the real estate.