2006 Code of Virginia § 58.1-3219.4 - (For contingent effective date - see Editor\'s note) Partial exemption for structures in redevelopm...

58.1-3219.4. (For contingent effective date - see Editor's note) Partialexemption for structures in redevelopment or conservation areas orrehabilitation districts.

For purposes of this section, unless the context requires otherwise:

"Redevelopment or conservation area or rehabilitation district" means aredevelopment or conservation area or a rehabilitation district establishedin accordance with law.

A. The governing body of any county, city, or town may, by ordinance, providefor the partial exemption from taxation of (i) new structures located in aredevelopment or conservation area or rehabilitation district or (ii) otherimprovements to real estate located in a redevelopment or conservation areaor rehabilitation district. The governing body of a county, city, or town may(a) establish criteria for determining whether real estate qualifies for thepartial exemption authorized by this section, (b) establish requirements forthe square footage of new structures that would qualify for the partialexemption, and (c) place such other restrictions and conditions on such newstructures or improvements as may be prescribed by ordinance.

B. The partial exemption provided by the local governing body shall beprovided in the local ordinance and shall be either (i) an amount equal tothe increase in assessed value or a percentage of such increase resultingfrom the construction of the new structure or other improvement to the realestate as determined by the commissioner of the revenue or other localassessing officer, or (ii) an amount up to 50% of the cost of suchconstruction or improvement, as determined by ordinance. The exemption maycommence upon completion of the new construction or improvement or on January1 of the year following completion of the new construction or improvement andshall run with the real estate for a period of no longer than 15 years. Thegoverning body of a county, city, or town may place a shorter time limitationon the length of such exemption, or reduce the amount of the exemption inannual steps over the entire period or a portion thereof, in such manner asthe ordinance may prescribe.

C. Nothing in this section shall be construed so as to permit thecommissioner of the revenue to list upon the land book any reduced value dueto the exemption provided in subsection B.

D. The governing body of any county, city, or town may assess a fee not toexceed $125 for residential properties, or $250 for commercial, industrial,and/or apartment properties of six units or more, for processing anapplication requesting the exemption provided by this section. No propertyshall be eligible for such exemption unless the appropriate building permitshave been acquired and the commissioner of the revenue or assessing officerhas verified that the new structures or other improvements have beencompleted.

E. Where the construction of a new structure is achieved through demolitionand replacement of an existing structure, the exemption provided insubsection A shall not apply when any structure demolished is a registeredVirginia landmark or is determined by the Department of Historic Resources tocontribute to the significance of a registered historic district.

(2006, c. 572.)