2006 Code of Virginia § 58.1-3245.6 - Definitions
58.1-3245.6. Definitions.
As used in this article, unless the context clearly shows otherwise, the termor phrase:
"Base assessed value" means the assessed value of real estate or machineryand tools within a local enterprise zone as shown upon the records of thelocal assessing officer on January 1 of the year preceding the effective dateof the ordinance establishing the local enterprise zone development taxation.
"Current assessed value" means the annual assessed value of real estate ormachinery and tools in a local enterprise zone as shown upon the records ofthe local assessing officer.
"Enterprise zone" means an area designated by the Governor as an enterprisezone pursuant to Chapter 49 ( 59.1-538 et seq.) of Title 59.1.
"Local enterprise zone" means an enterprise zone designated as a localenterprise zone by an ordinance adopted pursuant to 58.1-3245.8.
"Tax increment" means all or a portion of the amount by which the currentassessed value of real estate or machinery and tools, or both, in a localenterprise zone exceeds the base assessed value.
(1997, c. 314; 2005, cc. 863, 884.)
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
