State Codes and Statutes
Statutes > Virginia > Title-33-1 > Chapter-16 > 33-1-453§ 33.1-453. Annual special improvements tax; use of revenues.
Upon the written request of the commission made concurrently to the localgoverning body or bodies pursuant to this chapter, each local governing bodymay levy and collect an annual special improvements tax on taxable realestate zoned for commercial or industrial use or used for such purposes andtaxable leasehold interests in that portion of the improvement districtwithin its jurisdiction. Notwithstanding the provisions of Article 4 (§58.1-3229 et seq.) of Chapter 32 of Title 58.1, the tax shall be levied onthe assessed fair market value of the taxable real property. The rate of thespecial improvements tax when combined with all other special taxes in theCode of any kind imposed on land within the district, shall not be more than$.25 per $100 of the assessed fair market value of any taxable real estate orthe assessable value of taxable leasehold property as specified by §58.1-3203; however, if all the owners in any district so request in writing,this limitation on rate shall not apply. Such special improvements taxesshall be collected at the same time and in the same manner as the locality'staxes are collected, and the proceeds shall be kept in a separate account.The effective date of the initial assessment shall be January 1 of the yearfollowing adoption of the resolution creating the district. All revenuesreceived by each locality pursuant to such taxes shall be paid to or at thedirection of the district commission for its use pursuant to this chapter.
(2004, c. 966.)
