CODE OF VIRGINIA

RETURN OF LOCAL SURPLUS FUNDS (§ 15.2-2511.1)

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.

HISTORY: 2001, c. 246; 2005, c. 835.