§ 58.1-3220. Partial exemption for certain rehabilitated, renovated orreplacement residential structures.
A. The governing body of any county, city or town may, by ordinance, providefor the partial exemption from taxation of real estate on which any structureor other improvement no less than fifteen years of age has undergonesubstantial 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 suchexemptions to real property located within described zones or districts whoseboundaries shall be determined by the governing body. The governing body of acounty, city or town may (i) establish criteria for determining whether realestate qualifies for the partial exemption authorized by this provision, (ii)require such structures to be older than fifteen years of age, (iii)establish requirements for the square footage of replacement structures, and(iv) place such other restrictions and conditions on such property as may beprescribed by ordinance. Such ordinance may also provide for the partialexemption from taxation of multifamily residential units that have beensubstantially rehabilitated by replacement for multifamily use.
B. The partial exemption provided by the local governing body may be anamount equal to the increase in assessed value or a percentage of suchincrease resulting from the rehabilitation, renovation or replacement of thestructure as determined by the commissioner of revenue or other localassessing officer or an amount up to fifty percent of the cost of therehabilitation, renovation or replacement, as determined by ordinance. Theexemption may commence upon completion of the rehabilitation, renovation orreplacement or on January 1 of the year following completion of therehabilitation, renovation or replacement and shall run with the real estatefor a period of no longer than fifteen years. The governing body of a county,city or town may place a shorter time limitation on the length of suchexemption, or reduce the amount of the exemption in annual steps over theentire period or a portion thereof, in such manner as the ordinance mayprescribe.
C. Nothing in this section shall be construed as to permit the commissionerof the revenue to list upon the land book any reduced value due to theexemption provided in subsection B.
D. The governing body of any county, city or town may assess a fee not toexceed one hundred twenty-five dollars for residential properties, or twohundred fifty dollars for commercial, industrial, and/or apartment propertiesof six units or more for processing an application requesting the exemptionprovided by this section. No property shall be eligible for such exemptionunless the appropriate building permits have been acquired and thecommissioner of the revenue or assessing officer has verified that therehabilitation, renovation or replacement indicated on the application hasbeen completed.
E. Where rehabilitation is achieved through demolition and replacement of anexisting structure, the exemption provided in subsection A shall not applywhen any structure demolished is a registered Virginia landmark or isdetermined by the Department of Historic Resources to contribute to thesignificance of a registered historic district.
(Code 1950, § 58-760.2; 1979, c. 195; 1980, c. 417; 1981, c. 625; 1984, cc.675, 750; 1986, c. 271; 1989, cc. 89, 656; 1994, cc. 424, 435; 1995, c. 673;2001, c. 489; 2002, cc. 21, 144.)
§ 58.1-3220. Partial exemption for certain rehabilitated, renovated orreplacement residential structures.
A. The governing body of any county, city or town may, by ordinance, providefor the partial exemption from taxation of real estate on which any structureor other improvement no less than fifteen years of age has undergonesubstantial 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 suchexemptions to real property located within described zones or districts whoseboundaries shall be determined by the governing body. The governing body of acounty, city or town may (i) establish criteria for determining whether realestate qualifies for the partial exemption authorized by this provision, (ii)require such structures to be older than fifteen years of age, (iii)establish requirements for the square footage of replacement structures, and(iv) place such other restrictions and conditions on such property as may beprescribed by ordinance. Such ordinance may also provide for the partialexemption from taxation of multifamily residential units that have beensubstantially rehabilitated by replacement for multifamily use.
B. The partial exemption provided by the local governing body may be anamount equal to the increase in assessed value or a percentage of suchincrease resulting from the rehabilitation, renovation or replacement of thestructure as determined by the commissioner of revenue or other localassessing officer or an amount up to fifty percent of the cost of therehabilitation, renovation or replacement, as determined by ordinance. Theexemption may commence upon completion of the rehabilitation, renovation orreplacement or on January 1 of the year following completion of therehabilitation, renovation or replacement and shall run with the real estatefor a period of no longer than fifteen years. The governing body of a county,city or town may place a shorter time limitation on the length of suchexemption, or reduce the amount of the exemption in annual steps over theentire period or a portion thereof, in such manner as the ordinance mayprescribe.
C. Nothing in this section shall be construed as to permit the commissionerof the revenue to list upon the land book any reduced value due to theexemption provided in subsection B.
D. The governing body of any county, city or town may assess a fee not toexceed one hundred twenty-five dollars for residential properties, or twohundred fifty dollars for commercial, industrial, and/or apartment propertiesof six units or more for processing an application requesting the exemptionprovided by this section. No property shall be eligible for such exemptionunless the appropriate building permits have been acquired and thecommissioner of the revenue or assessing officer has verified that therehabilitation, renovation or replacement indicated on the application hasbeen completed.
E. Where rehabilitation is achieved through demolition and replacement of anexisting structure, the exemption provided in subsection A shall not applywhen any structure demolished is a registered Virginia landmark or isdetermined by the Department of Historic Resources to contribute to thesignificance of a registered historic district.
(Code 1950, § 58-760.2; 1979, c. 195; 1980, c. 417; 1981, c. 625; 1984, cc.675, 750; 1986, c. 271; 1989, cc. 89, 656; 1994, cc. 424, 435; 1995, c. 673;2001, c. 489; 2002, cc. 21, 144.)
§ 58.1-3220. Partial exemption for certain rehabilitated, renovated orreplacement residential structures.
A. The governing body of any county, city or town may, by ordinance, providefor the partial exemption from taxation of real estate on which any structureor other improvement no less than fifteen years of age has undergonesubstantial 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 suchexemptions to real property located within described zones or districts whoseboundaries shall be determined by the governing body. The governing body of acounty, city or town may (i) establish criteria for determining whether realestate qualifies for the partial exemption authorized by this provision, (ii)require such structures to be older than fifteen years of age, (iii)establish requirements for the square footage of replacement structures, and(iv) place such other restrictions and conditions on such property as may beprescribed by ordinance. Such ordinance may also provide for the partialexemption from taxation of multifamily residential units that have beensubstantially rehabilitated by replacement for multifamily use.
B. The partial exemption provided by the local governing body may be anamount equal to the increase in assessed value or a percentage of suchincrease resulting from the rehabilitation, renovation or replacement of thestructure as determined by the commissioner of revenue or other localassessing officer or an amount up to fifty percent of the cost of therehabilitation, renovation or replacement, as determined by ordinance. Theexemption may commence upon completion of the rehabilitation, renovation orreplacement or on January 1 of the year following completion of therehabilitation, renovation or replacement and shall run with the real estatefor a period of no longer than fifteen years. The governing body of a county,city or town may place a shorter time limitation on the length of suchexemption, or reduce the amount of the exemption in annual steps over theentire period or a portion thereof, in such manner as the ordinance mayprescribe.
C. Nothing in this section shall be construed as to permit the commissionerof the revenue to list upon the land book any reduced value due to theexemption provided in subsection B.
D. The governing body of any county, city or town may assess a fee not toexceed one hundred twenty-five dollars for residential properties, or twohundred fifty dollars for commercial, industrial, and/or apartment propertiesof six units or more for processing an application requesting the exemptionprovided by this section. No property shall be eligible for such exemptionunless the appropriate building permits have been acquired and thecommissioner of the revenue or assessing officer has verified that therehabilitation, renovation or replacement indicated on the application hasbeen completed.
E. Where rehabilitation is achieved through demolition and replacement of anexisting structure, the exemption provided in subsection A shall not applywhen any structure demolished is a registered Virginia landmark or isdetermined by the Department of Historic Resources to contribute to thesignificance of a registered historic district.
(Code 1950, § 58-760.2; 1979, c. 195; 1980, c. 417; 1981, c. 625; 1984, cc.675, 750; 1986, c. 271; 1989, cc. 89, 656; 1994, cc. 424, 435; 1995, c. 673;2001, c. 489; 2002, cc. 21, 144.)
