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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 15.2. Counties, Cities and Towns |
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SUBTITLE II. Powers of Local Government |
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CHAPTER 25. Budgets, Audits and Reports |
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SECTION 15.2-2511.1. Return of local surplus funds |
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Any locality may by ordinance develop a method for returning surplus real property tax revenues to taxpayers who are assessed real property taxes in any fiscal year in which the locality reports a surplus. The locality may reduce a taxpayer's refund by the amount of any taxes, penalties and interest that are due from such taxpayer, or any past-due taxes, penalties and interest that have been assessed within the appropriate period of limitations. |