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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY AMENDING SECTION 35-57 THEREOF, PERTAIN- ING TO ASSESSMENT OF NEW BUILDINGS; ABATEMENT OF LEVIES ON DAMAGED, DESTROYED BUILDINGS. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia, that Section 35-57 of the Code of the City of Portsmouth, Virginia, 1973, be amended to read as follows: Section 35-57. Assessment of new buildings; abatement of levies on damaged, destroyed bnildinqs. Notwithstanding any other provision of this Article, all new buildings substantially completed or fit for use and occupancy prior to 'May 1 of the year of completion shall be assessed when so completed or fit for use and occupancy, and the City Assessor shall enter in the Land Books the fair market value thereof as of the 1st day of the next succeeding quarter year after said building has been substantially completed or fit for use and occupancy. No partial assessment as provided herein 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 total tax on any such ne%~ building for that year shall be the su/u of (i) the tax upon the assessment of the completed building, computed according to the ratio which the portion of the year such building is substantially completed or fit for use and occupancy bears to the entire year, and (ii) the tax upon the assessment of such new building as .it existed on July 1 of that assessment year, computed according to the ratio which the portion of the year such building was not substantially complete or fit for use and occupancy bears to the entire year. With respect to any assessment made Under this section after March 1 of any year, the penalty for nonpayment by June 5 of that year shall be extended to August 5 of the succeeding fiscal year. When from natural decay or other causes any previously assessed building or enclosure is either wholly destroyed or reduced in value below one hundred dollars ($100), the City Assessor shall deduct from the charge against the owner the value at which such building and enclosure may have been assessed; and if the value of the building has been impaired by fortuitous happening beyond the control of the owner to the extent of one hundred dollars ($100) or more, the City Assessor shall assess the building in its present condition and reduce the charge for the same to the amount so assessed;