A reclassification enacted pursuant to § 58.1-3506.1 may be granted for any year following the date that the qualifying individual reaches the age of sixty-five years or for any year following the date the disability occurred. Changes in income, financial worth, ownership of property or other factors occurring during the taxable year for which an affidavit is filed and having the effect of exceeding or violating the limitations and conditions provided herein or by county, city or town ordinance shall nullify any preferential tax rate for the remainder of the current taxable year and the taxable year immediately following. However, any locality may by ordinance provide a prorated preferential tax rate for the portion of the taxable year during which the taxpayer qualified for such rate.
1991, c. 646.
Structure Code of Virginia
Chapter 35 - Tangible Personal Property, Machinery and Tools and Merchants' Capital
§ 58.1-3500. Defined and segregated for local taxation
§ 58.1-3501. Tangible personal property leased to agency of federal, state or local government
§ 58.1-3503. General classification of tangible personal property
§ 58.1-3506. Other classifications of tangible personal property for taxation
§ 58.1-3506.2. Restrictions and conditions
§ 58.1-3506.3. Permanently and totally disabled defined
§ 58.1-3506.4. Local restrictions and conditions; model ordinance
§ 58.1-3506.7. Effective date; change in circumstances
§ 58.1-3508.1. Separate classification of machinery and tools used in semiconductor manufacturing
§ 58.1-3508.2. Separate classification of machinery and tools used in other businesses
§ 58.1-3509. Merchants' capital subject to local taxation; rate limit
§ 58.1-3510. Definition of merchants' capital
§ 58.1-3510.01. Separate classification of merchants' capital of pharmaceutical wholesalers
§ 58.1-3510.02. Separate classification of certain merchants' capital of wholesalers and retailers
§ 58.1-3510.4. Short-term rental property; short-term rental businesses
§ 58.1-3510.5. Renter's certificate of registration
§ 58.1-3510.6. Short-term rental property tax
§ 58.1-3510.7. Exemptions; penalties
§ 58.1-3513. When imports deemed to acquire situs
§ 58.1-3514. When cargo in transit not deemed to have acquired a situs for taxation
§ 58.1-3515. Tax day January 1
§ 58.1-3516. Proration of personal property tax
§ 58.1-3516.1. Payment of taxes prorated under § 58.1-3516
§ 58.1-3516.2. Payment of taxes on leased property by lessee; information to be furnished by lessor
§ 58.1-3517. Department of Taxation to prescribe and furnish forms of returns; use of local forms
§ 58.1-3518. Taxpayers to file returns
§ 58.1-3518.1. Alternative method of filing returns for motor vehicles, trailers and boats
§ 58.1-3519. Commissioner to assess property if taxpayer fails to file return