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2016 SESSION
16101693DBe it enacted by the General Assembly of Virginia:
1. That § 58.1-3219.4 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3219.4. Partial exemption for structures in redevelopment or conservation areas or rehabilitation districts.
A. For purposes of this section, unless the context requires otherwise:
"Redevelopment or conservation area or rehabilitation district" means a redevelopment or conservation area or a rehabilitation district established in accordance with law.
A. B. The governing body of any
county, city, or town may, by ordinance, provide for the partial exemption from
taxation of (i) new structures located in a redevelopment or conservation area
or rehabilitation district or (ii) other improvements to real estate located in
a redevelopment or conservation area or rehabilitation district. The governing
body of a county, city, or town may (a) establish criteria for determining
whether real estate qualifies for the partial exemption authorized by this
section, (b) establish requirements for the square footage of new structures that
would qualify for the partial exemption, and (c) place such other restrictions
and conditions on such new structures or improvements as may be prescribed by
ordinance.
B. C. The partial exemption
provided by the local governing body shall be provided in the local ordinance
and shall be either (i) an amount equal to the increase in assessed value or a
percentage of such increase resulting from the construction of the new
structure or other improvement to the real estate as determined by the
commissioner of the revenue or other local assessing officer, or (ii) an amount
up to 50 percent of the cost of such construction or improvement, as determined
by ordinance. The exemption may commence upon completion of the new
construction or improvement or on January 1 of the year following completion of
the new construction or improvement and shall run with the real estate for a
period of no longer than 15 years. The governing body of a county, city, or
town may place a shorter time limitation on the length of such exemption, or
reduce the amount of the exemption in annual steps over the entire period or a
portion thereof, in such manner as the ordinance may prescribe. The governing body may by ordinance also allow a
second application under this section for a partial tax exemption period of up
to 15 years beyond the initial exemption period.
C. D. The local governing body or
its designee shall provide written notification to the property owner of the
amount of the assessment of the property that will be exempt from real property
taxation and the period of such exemption. Such exempt amount shall be a
covenant that runs with the land for the period of the exemption and shall not
be reduced by the local governing body or its designee during the period of the
exemption, unless the local governing body or its designee by written notice
has advised the property owner at the initial time of approval of the exemption
that the exempt amount may be decreased during the period of such exemption. In
no event, however, shall such partial exemption result in totally exempting the
value of the structure.
D. E. Nothing in this section
shall be construed so 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 C.
E. F. The governing body of any
county, city, or town may assess a fee not to exceed $125 for residential
properties, or $250 for commercial, industrial, and/or apartment properties of
six units or more, for processing an application requesting the exemption
provided by this section. No property shall be eligible for such exemption
unless the appropriate building permits have been acquired and the commissioner
of the revenue or assessing officer has verified that the new structures or
other improvements have been completed.
F. G. Where the construction of a
new structure is achieved through demolition and replacement of an existing
structure, the exemption provided in subsection A B shall not apply when any
structure demolished is a registered Virginia landmark or is determined by the
Department of Historic Resources to contribute to the significance of a
registered historic district.