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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 58.1-3220 and 58.1-3221 of the Code of Virginia are amended and reenacted as follows:
§ 58.1-3220. Partial exemption for certain rehabilitated, renovated or replacement residential structures.
A. The governing body of any county, city or town may, by ordinance, provide
for the partial exemption from taxation of real estate on which any structure
or other improvement no less than twenty-five fifteen years of
age has undergone substantial rehabilitation, renovation or replacement for
residential use, subject to such conditions as the ordinance may prescribe.
The ordinance may, in addition to any other restrictions hereinafter
provided, restrict such exemptions to real property located within described
zones or districts whose boundaries shall be determined by the governing
body. The governing body of a county, city or town may establish criteria for
determining whether real estate qualifies for the partial exemption
authorized by this provision and may require such structures to be older than
twenty-five fifteen years of age, or place such other
restrictions and conditions on such property as may be prescribed by
ordinance. Such ordinance may also provide for the partial exemption from
taxation of multifamily residential units which have been substantially
rehabilitated by replacement for multifamily use. Such replacement structures
may exceed the total square footage of the replaced structures by no more
than thirty percent.
B. The partial exemption provided by the local governing body may be an
amount equal to the increase in assessed value or a percentage of such
increase resulting from the rehabilitation, renovation or replacement of
the structure as determined by the commissioner of revenue or other local
assessing officer or an amount up to fifty percent of the cost of the
rehabilitation, renovation or replacement, as determined by ordinance. The
exemption may commence upon completion of the rehabilitation, renovation or
replacement or on January 1 of the year following completion of the
rehabilitation, renovation or replacement and shall run with the real estate
for a period of no longer than ten fifteen 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.
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 of any county, city or town may assess a fee not to exceed fifty dollars 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 rehabilitation, renovation or replacement indicated on the application has been completed.
E. Where rehabilitation is achieved through demolition and replacement of an existing structure, the exemption provided in subsection A 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.
§ 58.1-3221. Partial exemption for certain rehabilitated, renovated or replacement commercial or industrial structures.
A. The governing body of any county, city or town may, by ordinance, provide
for the partial exemption from taxation of real estate on which any structure
or other improvement no less than twenty-five twenty years of
age, or fifteen years of age if the structure is located in an area
designated as an enterprise zone by the Commonwealth, has undergone
substantial rehabilitation, renovation or replacement for commercial or
industrial use, subject to such conditions as the ordinance may prescribe.
The ordinance may, in addition to any other restrictions hereinafter
provided, restrict such exemptions to real property located within described
zones or districts whose boundaries shall be determined by the governing
body. The governing body of a county, city or town may establish criteria for
determining whether real estate qualifies for the partial exemption
authorized by this provision and may require the structure to be older than
twenty-five twenty years of age, or fifteen years of age if the
structure is located in an area designated as an enterprise zone by the
Commonwealth, or place such other restrictions and conditions on such
property as may be prescribed by ordinance. Such ordinance may also provide
for the partial exemption from taxation of real estate which has been
substantially rehabilitated by complete replacement for commercial and
industrial use. Such replacement structures may exceed the total square
footage of the replaced structures by no more than 110 percent in areas
designated as enterprise zones by the Commonwealth, and by no more than 100
percent in all other areas.
B. The partial exemption provided by the local governing body may not exceed
an amount equal to the increase in assessed value resulting from the
rehabilitation, renovation or replacement of the commercial or industrial
structure as determined by the commissioner of revenue or other local
assessing officer or an amount up to fifty percent of the cost of
rehabilitation, renovation or replacement as determined by ordinance. The
exemption may commence upon completion of the rehabilitation, renovation or
replacement, or on January 1 of the year following completion of the
rehabilitation, renovation or replacement and shall run with the real estate
for a period of no longer than ten fifteen 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.
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 of any county, city or town may assess a fee not to exceed fifty dollars 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 rehabilitation, renovation or replacement indicated on the application has been completed.
E. Where rehabilitation is achieved through demolition and replacement of an existing structure, the exemption provided in subsection A 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 landmark.