Application of surplus to reduce assessment for following year

Va. Code Ann. § 21-370
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
When the sum actually collected on any such assessment shall be more than sufficient to pay the principal and interest for the next succeeding year, a proper allowance for such surplus shall be made in the following assessment, and the percentage may be reduced accordingly. Code 1919, § 1771; 1924, p. 711; 1926, p. 620; 1936, p. 1034.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/21-370/Fetched: 10/16/2026

Starting a business in Virginia? Virginia LLC guide: costs and requirements