AMENDMENT PROPOSED BY THE SENATE

1. Page 2, engrossed, line 47, after the

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deferred tax for each year shall be the highest rate applicable to the real estate had it not been subject to special assessment.

insert

roll-back tax shall be equal to the sum of the deferred tax for each of the five most recent complete years including simple interest on such roll-back taxes at a rate set by the governing body, which shall not be greater than the rate applicable to delinquent taxes in such locality pursuant to § 58.1-3916, for each of the tax years. The deferred tax for each year shall be equal to the difference between the tax levied and the tax that would have been levied based on the fair market value assessment of the real estate for that year and based on the highest tax rate applicable to the real estate for that year, had it not been subject to special assessment.