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2002 SESSION

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SB 119 Real estate tax; partial exemption for rehabilitated structures.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Real estate tax; partial exemption for structures substantially rehabilitated, renovated or replaced. Removes the restriction that a multifamily-use structure may exceed the multifamily residential unit that it has replaced by no more than 30 percent of the total square footage of the multifamily residential unit to qualify for a partial exemption from local real estate tax.

SUMMARY AS PASSED SENATE:

Real estate tax; partial exemption for structures substantially rehabilitated, renovated or replaced. Removes the restriction that a multifamily use structure may exceed the multifamily residential unit that it has replaced by no more than 30 percent of the total square footage of the multifamily residential unit to qualify for a partial exemption from local real estate tax.

SUMMARY AS INTRODUCED:

Real estate tax; partial exemption for structures substantially rehabilitated, renovated or replaced. Provides that a multifamily use structure may exceed the multifamily residential unit that it has replaced by up to 100 percent of the total square footage of the multifamily residential unit and still qualify for a partial exemption from local real estate tax. Current law permits a multifamily use structure to exceed (in total square footage) the multifamily residential unit it replaces by no more than 30 percent of the total square footage of the multifamily residential unit for eligibility for a partial exemption of real estate taxes. The bill's provisions are effective for structures or other improvements for which a rehabilitation, renovation or replacement project has been completed on or after July 1, 2002.