                                 CODE OF VIRGINIA

CONDITIONS OF DEFERRAL; PAYMENT OF DEFERRED AMOUNTS (§ 58.1-3219.1)

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 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.

HISTORY: 1990, cc. 858, 871; 1991, cc. 316, 331; 2005, cc. 502, 561.