[Ord. No. 2003-2, 4-14-2003; amended by Ord. No. 2005-4, 2-28-2005; 2-22-2010]
(a) Owners of certain real estate containing structures which have been
substantially rehabilitated, renovated or replaced for residential
use shall be entitled to a partial exemption from the real estate
tax in accordance with Virginia Code § 58.1-3320, as it
may be amended from time to time, and as set forth below.
(b) For the purposes of this section, "residential real estate" shall
mean a building or structure which has undergone, or will undergo,
substantial rehabilitation, renovation or replacement for residential
use. The term "residential use" shall mean occupied or designed to
be occupied by not more than one family.
(c) Residential real estate shall be deemed to be substantially rehabilitated,
renovated or replaced when a structure which is no less than 30 years
of age has been so improved or replaced as to increase the assessed
value of the structure by no less than 40% without increasing the
total square footage of such structure by more than 15%.
(d) The exemption provided in this section shall be an amount equal to
the increased assessed value resulting from the rehabilitation, renovation
or replacement of the residential structure, as determined by the
Commissioner of Revenue or other assessing officer then having responsibility
therefor.
(e) The exemption from taxation granted by this section shall commence
on January 1 of the calendar year following completion of the rehabilitation,
renovation or replacement and shall run with the real estate for a
period of seven years.
(f) An application for an exemption under this section shall be made
in writing to the Commissioner of Revenue prior to rehabilitation,
renovation or replacement of the residential structure upon such form
and containing such information as the Commissioner of Revenue may
require. A fee of $20, payable with submission of such application,
is hereby imposed for processing the same, payable to the City.
(g) No residential real estate shall be eligible for such exemption unless
the appropriate demolition, building, zoning or other permits required
by law have been acquired and the Commissioner of Revenue or assessing
officer has verified pursuant to written request of the applicant
that the rehabilitation, renovation or replacement indicated on the
application has been completed.
(h) Where rehabilitation has been achieved through demolition and replacement
of an existing structure, the exemption shall not apply when any structure
demolished is a registered Virginia landmark or is determined by the
Department of Historical Resources to contribute to the significance
of a registered historic district.
(i) The Commissioner of Revenue may not list the real estate on the land
book at any reduced value due to any exemption granted pursuant to
this section.
(j) It shall be the duty of the Commissioner of Revenue to clearly mark
the tax records so as to identify the properties to which exemptions
are granted pursuant to this section for the benefit of tax assessors
as well as the general public.
(k) The Treasurer shall issue a credit memorandum to the owner of residential
real estate qualifying for the exemption for each year of the seven-year
period of exemption.
[Ord. No. 2003-2, 4-14-2003; amended by Ord. No. 2005-4, 2-28-2005; 2-22-2010]
(a) Owners of certain real estate containing structures which have been
substantially rehabilitated, renovated or replaced for commercial
or industrial use shall be entitled to a partial exemption from the
real estate tax in accordance with Virginia Code § 58.1-3321,
as it may be amended from time to time, and as set forth below.
(b) For the purposes of this section, "commercial or industrial real
estate" shall mean a building or structure which has undergone, or
will undergo, substantial rehabilitation, renovation or replacement
for commercial or industrial use.
(c) Commercial or industrial real estate shall be deemed to be substantially
rehabilitated, renovated or replaced when a structure which is no
less than 25 years of age has been so improved or replaced as to increase
the assessed value of the structure by no less than 60% without increasing
the total square footage of such structure by more than 25%.
(d) The exemption provided in this section shall be an amount equal to
the increased assessed value resulting from the rehabilitation, renovation
or replacement of the commercial or industrial structure, as determined
by the Commissioner of Revenue or other assessing officer then having
responsibility therefor.
(e) The exemption from taxation granted by this section shall commence
on January 1 of the calendar year following completion of the rehabilitation,
renovation or replacement and shall run with the real estate for a
period of seven years.
(f) An application for an exemption under this section shall be made
in writing to the Commissioner of Revenue prior to rehabilitation,
renovation or replacement of the commercial or industrial structure
upon such form and containing such information as the Commissioner
of Revenue may require. A fee of $20, payable with submission of such
application, is hereby imposed for processing the same, payable to
the City.
(g) No commercial or industrial real estate shall be eligible for such
exemption unless the appropriate demolition, building, zoning or other
permits required by law have been acquired and the Commissioner of
Revenue or assessing officer has verified pursuant to written request
of the applicant that the rehabilitation, renovation or replacement
indicated on the application has been completed.
(h) Where rehabilitation has been achieved through demolition and replacement
of an existing structure, the exemption shall not apply when any structure
demolished is a registered Virginia landmark or is determined by the
Department of Historical Resources to contribute to the significance
of a registered historic district.
(i) The Commissioner of Revenue may not list the real estate on the land
book at any reduced value due to any exemption granted pursuant to
this section.
(j) It shall be the duty of the Commissioner of Revenue to clearly mark
the tax records so as to identify the properties to which exemptions
are granted pursuant to this section for the benefit of tax assessors
as well as the general public.
(k) The Treasurer shall issue a credit memorandum to the owner of commercial
or industrial real estate qualifying for the exemption for each year
of the seven-year period of exemption.