Richmond, Va., City Code § 26-298 Interest on refunds.
Sec. 26-298. - Interest on refunds.
(a) Whenever the Director of Finance determines that any taxes levied pursuant to Articles VIII, IX, X, or XV of this chapter have been erroneously assessed or that payments have been remitted in excess of the taxes due the City, the Director shall notify the affected taxpayer of the same within 90 days after such determination. Such notification shall also include instructions of how the taxpayer may apply for a refund.
(b) Upon application from a taxpayer for a refund of any tax levied pursuant to this chapter, the Director shall refund erroneous or excess tax payments with interest at the same rate as charged by the City for delinquent or omitted tax payments.
(c) The interest on such tax refunds shall be calculated and paid as follows:
(1) Interest shall be calculated beginning from the date of the payment that created the refund or the due date of the tax, whichever is later, until the date of issuance of the refund to the taxpayer.
(2) No interest shall be paid on a refund that is made not more than 30 days from the date of the payment that created the refund or the due date of the tax, whichever is later.
(Code 1993, § 27-48; Code 2004, § 98-62; Code 2015, § 26-298; Code 2020, § 26-298; Ord. No. 2024-081, § 1, 3-25-2024)