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11 AN ORDINANCE TO AMEND AND REORDAIN ARTICLE III of CHAPTER 30 (TAXATION) OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1990, AS AMENDED, BY ADDING A NEW SECTION 30-65.1 RELATING TO THE REAL ESTATE TAX ASSESSMENT OF NEW BUILDINGS SUBSTANTIALLY COMPLETED. BE IT ORDAINED by the Council of the City of Charlottesville, Virginia, that the Code of the City of Charlottesville (1990), as amended, is hereby amended by adding a new section to be numbered section 30-65.1, which section shall read as follows: CHAPTER 30. TAXATION Article III. Real Estate Assessment Sec. 30-65.1. Assessment of new buildings substantially completed. In accordance with Virginia Code § 58.1-3292, all new buildings substantially completed or fit for use and occupancy prior to November 1 of the year of completion • shall be assessed by the assessor when such building is so completed or fit for use and occupancy. No partial assessment as provided herein shall become effective until information as to the date and amount of such assessment is recorded in the office of the City Treasurer and made available for public inspection. The total tax on any such new building for that year shall be the sum of (i) the tax upon the assessment of the completed building computed according to the ratio which the portion of the year such building is substantially completed or fit for use and occupancy bears to the entire year, and (ii) the tax upon the assessment of such new building as it existed on January 1 of that assessment year, computed according to the ratio which the portion of the year such building was not substantially competed or fit for use and occupancy bears to the entire year. With respect to any assessment made under this section after September 1 of any year, the penalty for nonpayment by December 5 provided in section 9-16 shall be extended to February 5 of the succeeding year. Approved by Council August 1, 2005 of City Council 11