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AN ORDINANCE TO ~END THE CODE OF TbSE CITY OF PORTSMOUTH, VIR- <br />GINIA, 1973, BY ~NDiNG SECTION 35-2 THEREOF PERTAINING TO <br />DATE REAL ESTATE TAX PAYABLE; PENALTY FOR NONPAYMENT; DEFEI~4ENT <br />OF PAYMENT. <br /> <br /> BE IT ORDAINED by the Council of the City of Ports- <br />mouth, Virginia, that: <br /> <br /> 1. That Section 35-2 of the Code of the City of <br />Portsmouth, Virginia, 1973, be amended and reordained to read <br />as follows: <br /> <br />Section 35-2. Date real estate tax payable; penalty <br /> for nonpayment; deferment of payment. <br /> <br /> (a) City taxes on real estate for each fiscal year shall <br />be due and payable during the year for which the same are <br />assessed in four (4) equal installments, as follows: One- <br />fourth thereof on September thirtieth, one-fourth thereof on <br />December thirty-first, one-fourth thereof on March thirty- <br />first and one-fourth thereof on June fifth of such year. <br /> <br /> (b) In the event any installment of taxes on real estate <br />is not paid on or before the time the same is due and payable, <br />as provided in subsection (a) of this section, there shall be <br />added thereto a penalty of five (5) per cent of the amount of <br />such unpaid installment, and such installment shall bear inter- <br />est at the rate of one (I) per cent per month, or fraction <br />thereof, from the first day of the montk following the date <br />the same is due and payable until paid. If any installment of <br />taxes on real estate is not paid before the property is adver- <br />tised or posted as delinquent, an expense charge of twenty- <br />five cents ($0.25) for each installment on each parcel assess- <br />ed shall be collected. <br /> <br /> (c) Notwithstanding subsection (a) of this section, <br />City taxes on real estate payable by persons qualifying as <br />~lderly people for the exemption of real estate taxes provided <br />in Article XIII of this Chapter, shall be due and payable for <br />each fiscal year hereafter during the vear for which the s~me <br />are assessed in four (4) equal instalments; as follows: <br /> <br /> One-fourth thereof on October fifth, one-fourth thereof <br />on January fifth, one-fourth thereof on April fifth and cna-fourth <br />thereof on June fifth of each year. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia, at a maeting held May 27~ 1975. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />