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2000 SESSION
002384924Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 58.1-3221.1 as follows:
§ 58.1-3221.1. Partial exemption for certain improvements.
A. The governing body of any city having a population of no less than 19,500 and no greater than 21,000 may, by ordinance, provide for the partial exemption from taxation all improvements on commercial real estate that by virtue of age and use have undergone substantial renovation, rehabilitation, or replacement. The ordinance may, in addition to any other lawful restrictions, restrict such exemptions to real property located within described zones or districts whose boundaries shall be determined by the governing body. The governing body may establish criteria for determining whether real estate qualifies for the exemption authorized by this provision, or place other restrictions and conditions on such property as may be prescribed by ordinance.
B. The partial exemption provided by the local governing body may not exceed an amount equal to fifty percent of the value of all improvements on such real estate.
C. Nothing in this section shall be construed as to permit the commissioner of the revenue to list upon the land book any reduced value due to the exemption provided in subsection B.
D. The governing body may assess a fee not to exceed one hundred dollars for processing an application requesting the exemption provided by this section.