Chapter 3.20
TAX EXEMPTION FOR CERTAIN REHABILITATED REAL ESTATE*
Sections:
3.20.030 Eligibility requirements.
*State law reference – Authority of city to provide for the exemption provided for in this chapter, Code of Virginia, §§ 58.1-3220, 58.1-3221.
3.20.010 Definitions.
For the purposes of this chapter, the following words and phrases shall have the meanings respectively ascribed to them by this section, unless another meaning shall clearly appear from the text:
“Substantially rehabilitated commercial or industrial real estate” shall mean any commercial or industrial real estate upon which there is an existing structure which is no less than 25 years of age and which has been so improved as to increase the assessed value of the structure by no less than 60 percent, without increase of the total square footage of the structure.
“Substantially rehabilitated residential real estate” shall mean any residential real estate upon which there is an existing structure which is no less than 25 years of age and which has been so improved as to increase the assessed value of the structure by no less than 40 percent, without increasing the total square footage of the structure by more than 15 percent.
“Taxable year” shall mean the calendar year, from January 1st through December 31st, for which real property tax is imposed or an exemption is claimed under this chapter. (Ord. 2-26-81, § 10-80; Code 1985, § 12-111).
3.20.020 Authorized.
It is hereby declared to be the purpose of this chapter to provide real estate tax exemptions for substantially rehabilitated residential real estate and substantially rehabilitated commercial or industrial real estate for a period of seven years, commencing on January 1st of the year following completion of the rehabilitation; provided, however, that no property owner may apply for exemption on the basis of a building permit issued prior to January 1, 1978; and further provided, that property owners who completed their improvements prior to January 1, 1981, shall not be eligible to claim the exemption herein set out for a period exceeding seven years from January 1st of the year following completion of the rehabilitation and shall not be eligible for refund or adjustment of taxes payable prior to January 1, 1981. (Ord. 2-26-81, § 10-81; Code 1985, § 12-112).
3.20.030 Eligibility requirements.
Exemptions pursuant to this chapter are hereby granted to persons and for property complying with the following provisions:
(1) The person claiming the exemption shall file his application on a form approved by the city assessor, requesting the exemption provided by this chapter prior to January 1st of the taxable year for which the exemption is claimed. Such application shall not be deemed to be filed until the applicant has paid to the city a fee in the amount of $20.00 for processing such application.
(2) No property shall be eligible for the exemption unless the appropriate building permits have been acquired and the city assessor has verified that the rehabilitation indicated on the application has been completed. (Ord. 2-26-81, § 10-82; Code 1985, § 12-113).
3.20.040 Amount.
The amount of exemption granted under this chapter shall be an amount equal to the increase in assessed value resulting from the rehabilitation of the structure, as determined by the assessing officer, and this amount only shall be applicable to subsequent assessments commencing on January 1st of the year following the rehabilitation. (Ord. 2-26-81, § 10-80; Code 1985, § 12-114).