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AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, 1988, AS AMENDED, BY AMENDING SECTIONS <br />35-106 (a) AND (b) THEREOF, PERTAINING TO TAXATION. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 35-106 (a) and (b) of Chapter 35 of the <br />Code of the City of Pcrtsmouth, Virginia, 1988, be amended to <br />read as follows: <br /> <br />Section 35-106. Roll-back tax when use changes to <br /> nonqualifying use. <br /> <br /> (a) There is hereby imposed a roll-back tax, in such <br />amount as may be determined under section 58.1-3237 of the <br />Lode of Virginia, upon any property or portion thereof as to <br />which the use changes to a nonqualifying use under <br />division, plus simple interest on such roll-back taxes at the <br />rate of ten (10) percent per annum. <br /> <br /> (b) The city assessor shall determine and assess the <br />roll-back tax of the owner of any real estate liable for such <br />tax, which shall be paid to the city treasurer within thirty <br />(30) days of assessment. Failure to make such payment shall <br />cause the owner to be liable for an additional penalty of ten <br />(10) percent of the amount of the roll-back tax, which penalty. <br />shall be collected as part of the tax. In addition to such <br />penalty, there is hereby imposed interest at the rate of <br />ten (10) percent per annum on the amount of roll-back tax duly <br />assessed, and the penalty thereon, to the extent the same <br />remains unpaid. <br /> <br />2. This ordinance shall take effect as of July 1, 1990. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held June 26, 1990. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />