2005_Ordinances - Laserfiche WebLink

Home Browse Search

prospectively if (i) there is a change in the law, a court decision, or the guidelines issued by the _Department of Taxation upon which the ruling was based or 6i) the commissioner of revenue notifies the taxpaver of a change in the policy or interpretation upon which the ruling was based. However, any person who acts on a written ruling which later becomes invalid shall be deemed to have acted in good faith during the period in which such ruling was in effect. fi)Reeord-keeping, and audits. Every person who is assessable with a local license tax shall keep sufficient records to enable the assessor to verify the correctness of the tax paid for the license years assessable and to enable the commissioner of revenue to ascertain what is the correct amount of tax that was assessable for each of those years. All such records, books of accounts and other information shall be open to inspection and examination by the commissioner of revenue in order to allow the commissioner to establish whether a particular receipt is directly attributable to the taxable privilege exercised within this jurisdiction. The commissioner of revenue shall provide the taxpayer with the option to conduct the audit in the taxpayer's local business office, if the records are maintained there. In the event the records are maintained outside this jurisdiction, copies of the appropriate books and records shall be sent to the commissioner's office upon demand. 2. Chapter 30 (Taxation), Article I (In General), Section 30-5 of the City Code is hereby amended and reenacted as follows: 30-5. Interest. (a)If any tax owed pursuant to this chapter is not paid on or before its due date, then, except as may otherwise be limited by state law, interest at the rate of ten (10) percent per annum shall be charged on the principal sum and penalties, if any, of all taxes owed, from the due date until the date paid. Such interest shall be applied to late payments of taxes overdue for more than thirty (30) days, except as provided in &30-164. 3. Chapter 30 (Taxation), Article II (Taxation of Tangible Personal Property, Machinery and Tools Generally), Sections 30-31, 30-33, 30-35 of the City Code are hereby amended and reenacted, as follows: Sec.30-31. Tangible personal property defined and subiect to taxation: valuation method. (a)For the purposes of this article the term "tangible personal property" shall have the meaning set forth within Virginia Code 558.1-3500. b)Tangible personal property shall be subiect to the City's annual tax levy and shall be annuall assessed by the commissioner of revenue. Tangible personal property shall be classified for the Purposes of valuation and local taxation in accordance with Virginia Code §58.1-3503, &58.1-3506 §58.1-3507. 08.1-3508. &58.1-3508.1 and &58.1-3508.2 The rates of tax and the rates of assessment applicable to the property classifications referenced in this paragraph shall not exceed the limits iced by Virginia Code §§ 58.1-3506(B) and (C): 58.1-3507: 58.1-3508: 58.1-3508.1. 558.1- 3508.2, or any other applicable state law Sec. 30-33.Machinery and tools subject to taxation; method of valuation. (a).... (b)Motor vehicles.... All other vehicles and delivery equipment owned by persons engaged in such businesses shall be taxed as machinery and tools under this section. Page 6 of 8 Page 7 of 8