Virginia Law

A. For assessments made on or after January 1, 1997, if a payment of tax is late, interest will be charged on the late payment from the due date until the date paid without regard to fault or other reason.

B. For tax years prior to January 1, 1997, localities may charge interest upon delinquent taxes pursuant to § 58.1-3916 of the Code of Virginia.

C. If an assessment of additional or omitted tax is found to be erroneous, the interest and penalty charged and collected on the amount of such assessment must be refunded with interest on the refund from the date of payment or the due date, whichever is later. Interest on any refund must be paid at the same rate charged under § 58.1-3916 of the Code of Virginia.

D. Taxes paid by first-year taxpayers based upon estimates will be subject to correction with interest and penalties if estimates prove to be unreasonable. Unless otherwise provided by a locality, estimates of the tax due will be deemed unreasonable if they are less than 80% of the actual taxes ultimately due.

E. If a refund is made within than 30 days from the date of the payment that created the refund, or the due date of the tax, whichever is later, interest will not be paid.

F. If a late payment is made within than 30 days from the due date of the tax, whichever is later, interest on the payment will not be due.