§ 58.1-3220.01. Local real property tax credits on certain rehabilitated,renovated or replacement residential structures.
A. The governing body of any county, city or town may, by ordinance, providefor a local real property tax credit equal to certain property tax liens owedon real estate on which any structure or other improvement no less thanfifteen years of age has undergone substantial rehabilitation, renovation orreplacement for residential use, subject to such conditions as the ordinancemay prescribe. The credit shall be used by the owner of the property whichhas the real property tax liens and can be used to offset real property taxesassessed against such property. The governing body of a county, city or townmay establish criteria for determining whether real estate qualifies for thecredit authorized by this provision and may require such structures to beolder than fifteen years of age, or place such other restrictions andconditions on such property as may be prescribed by ordinance. Such ordinancemay also provide for a credit for multifamily residential units which havebeen substantially rehabilitated by replacement for multifamily use. Suchreplacement structures may exceed the total square footage of the replacedstructures by no more than thirty percent.
B. The local tax credit shall be available only to those property owners whohave purchased a structure which at the time of purchase contained propertytax liens exceeding fifty percent of the assessed value of the property. Thetax credit granted by the locality shall not exceed the amount by which theproperty tax liens exceeded fifty percent of the assessed value of theproperty at the time of purchase. The credit may be applied upon completionof the rehabilitation, renovation or replacement or on January 1 of the yearfollowing completion of the rehabilitation, renovation or replacement and maybe divided over a period of no longer than ten years.
C. 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 creditprovided by this section. No property shall be eligible for such creditunless 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.
D. Where rehabilitation is achieved through demolition and replacement of anexisting structure, the credit shall not apply when any structure demolishedis a registered Virginia landmark or is determined by the Department ofHistoric Resources to contribute to the significance of a registered historicdistrict.
§ 58.1-3220.01. Local real property tax credits on certain rehabilitated,renovated or replacement residential structures.
A. The governing body of any county, city or town may, by ordinance, providefor a local real property tax credit equal to certain property tax liens owedon real estate on which any structure or other improvement no less thanfifteen years of age has undergone substantial rehabilitation, renovation orreplacement for residential use, subject to such conditions as the ordinancemay prescribe. The credit shall be used by the owner of the property whichhas the real property tax liens and can be used to offset real property taxesassessed against such property. The governing body of a county, city or townmay establish criteria for determining whether real estate qualifies for thecredit authorized by this provision and may require such structures to beolder than fifteen years of age, or place such other restrictions andconditions on such property as may be prescribed by ordinance. Such ordinancemay also provide for a credit for multifamily residential units which havebeen substantially rehabilitated by replacement for multifamily use. Suchreplacement structures may exceed the total square footage of the replacedstructures by no more than thirty percent.
B. The local tax credit shall be available only to those property owners whohave purchased a structure which at the time of purchase contained propertytax liens exceeding fifty percent of the assessed value of the property. Thetax credit granted by the locality shall not exceed the amount by which theproperty tax liens exceeded fifty percent of the assessed value of theproperty at the time of purchase. The credit may be applied upon completionof the rehabilitation, renovation or replacement or on January 1 of the yearfollowing completion of the rehabilitation, renovation or replacement and maybe divided over a period of no longer than ten years.
C. 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 creditprovided by this section. No property shall be eligible for such creditunless 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.
D. Where rehabilitation is achieved through demolition and replacement of anexisting structure, the credit shall not apply when any structure demolishedis a registered Virginia landmark or is determined by the Department ofHistoric Resources to contribute to the significance of a registered historicdistrict.
§ 58.1-3220.01. Local real property tax credits on certain rehabilitated,renovated or replacement residential structures.
A. The governing body of any county, city or town may, by ordinance, providefor a local real property tax credit equal to certain property tax liens owedon real estate on which any structure or other improvement no less thanfifteen years of age has undergone substantial rehabilitation, renovation orreplacement for residential use, subject to such conditions as the ordinancemay prescribe. The credit shall be used by the owner of the property whichhas the real property tax liens and can be used to offset real property taxesassessed against such property. The governing body of a county, city or townmay establish criteria for determining whether real estate qualifies for thecredit authorized by this provision and may require such structures to beolder than fifteen years of age, or place such other restrictions andconditions on such property as may be prescribed by ordinance. Such ordinancemay also provide for a credit for multifamily residential units which havebeen substantially rehabilitated by replacement for multifamily use. Suchreplacement structures may exceed the total square footage of the replacedstructures by no more than thirty percent.
B. The local tax credit shall be available only to those property owners whohave purchased a structure which at the time of purchase contained propertytax liens exceeding fifty percent of the assessed value of the property. Thetax credit granted by the locality shall not exceed the amount by which theproperty tax liens exceeded fifty percent of the assessed value of theproperty at the time of purchase. The credit may be applied upon completionof the rehabilitation, renovation or replacement or on January 1 of the yearfollowing completion of the rehabilitation, renovation or replacement and maybe divided over a period of no longer than ten years.
C. 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 creditprovided by this section. No property shall be eligible for such creditunless 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.
D. Where rehabilitation is achieved through demolition and replacement of anexisting structure, the credit shall not apply when any structure demolishedis a registered Virginia landmark or is determined by the Department ofHistoric Resources to contribute to the significance of a registered historicdistrict.
