ARTICLE I. IN GENERAL

New buildings or structures shall be assessed, whether entirely finished or not, at their actual value on January 1 of each year. New buildings or structures shall be assessed at their full value when substantially completed and fit for occupancy if so completed or fit for use and occupancy prior to November 1 of the tax year. The commissioner of the revenue shall enter in the books the fair market value of such buildings or structures; provided, that no partial assessment for newly completed buildings or structures shall become effective until information as to date and amount of assessment is recorded in the treasurer's office and made available for public inspection. The tax imposed shall be computed in accordance with section 58.1-3292, Code of Virginia. With respect to any assessment made under this section after September 1 of any year, the penalty for nonpayment by December 5 as set forth in section 21-3 of this chapter shall be extended to February 5 of the succeeding year.