ref: reel020501 date: 1967-11-20 content: CHAPTER 15 TAXES GENERALLY Sec. 15-1. Levy and Collection of Taxes on Real Estate, Personal Property. 15-2. Purposes of Taxation 15-3. Licenses. Sec. 15-1. Levy and Collection of Taxes on Real Estate, Personal Property There shall be levied and collected, for each calendar year, a tax of $1.00 on every one hundred dollars of the assessed value of the items set out in this section. (Election for increasing tax rate held on the 10th day of December, 1938.) (a) Real Estate. All real estate, tracts of land or lots with the improvements thereon, not exempted from taxation by the laws of the state. The assessed value of said real estate shall be 30 percent of appraised value of said real estate until changed by Council. Section 58-811.1. of the 1950 Code of Virginia and the amendments thereto, that all new buildings substantially completed or fit for use, occupancy and enjoyment prior to November one of the year of completion shall be assessed when so completed or fit for use, occupancy and enjoyment, and the Commissioner of the Revenue of Appomattox County shall enter in the books the fair market value of such building; provided, however, that no such partial assessment shall become effective until information as to the date and amount of such assessment is recorded in the office of the official authorized to collect taxes on real property and made available for public inspection. The tax on such new building for that year shall be computed according to the ratio which the portion of the year such building is substantially completed or fit for use, occupancy and enjoyment bears to the entire year, and with respect to any assessment made under this section after September one of any year the five per cent penalty for nonpayment by December five shall be extended to February five of the succeeding year. (b) Personal Property. All personal property, machinery and tools, boats and house trailers. Sec. 15-2. Purposes of Taxation. Taxes shall be levied and collected for the general expenses and purposes of the Town, including the interest on the bonds of the Town and a sinking fund for the redemption; for the opening and keeping in repair the streets, roads and alleys within the Town limits; and for all such other and further purposes authorized or permitted under the state law or the Charter of the Town. chunkid: 19973 recordid: 993 page_number: 1