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2005 SESSION

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052663256
HOUSE BILL NO. 2622 Offered January 12, 2005 Prefiled January 12, 2005 A BILL to amend and reenact § 15.2-2511.1 of the Code of Virginia, relating to return of local surplus funds. ----------
Patrons-- Byron, Abbitt, Cox, Dudley, Hogan, Kilgore, Louderback, O'Bannon, Sherwood and Wright
---------- Referred to Committee on Counties, Cities and Towns ----------

Be it enacted by the General Assembly of Virginia:

1.  That § 15.2-2511.1 of the Code of Virginia is amended and reenacted 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 locality 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 locality reports a surplus. The county locality 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.