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994-55 AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (1988), BY AMENDING SECTION 35-65, SECTION 35-187, SECTION 35-188, SECTION 35-189, SECTION 35-216(a), SECTION 35-217, SECTION 35-218 AND SECTION 35-219, PERTAINING TO TAXATION. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Section 35-65 of the Code of the City of Portsmouth, Virginia (1988), be amended and reordained to read as follows: Sec. 35-65. General procedure. The city assessor shall assess annually for taxation at its fair market value all real estate within the city subject to assessmenu by him, which shall include all lands, buildings, structures and improvements thereon, and manufactured homes installed according to the Uniform Statewide Building Code, and all rights thereto and interest therein, and he shall have the right and power to do all things necessary to assess such properuy. Except with respect to new construction and other cases Where the same is not practicable, such assessments shall be completed not later than the thirty-first day of January of the year preceding the tax year for which the same shall be effective, and taxes for each year on such real estate shall be made on the basis of the last assessment made prior to such year, subject to such changes as may have been lawfully made. 2. That Section 35-187 of the Code of the City of Portsmouth, Virginia (1988), be amended and reordained to read as follows: Sec. 35-187. What constitutes substantial rehabilitation-Residential real estate. For the purpose of this division, residential real estate shall be deemed to have undergone substantial rehabilitation, renovation or replacement when a structure which is not less than forty (40) years of age has been so improved as to increase the assessed value of the structure by no less than forty (40) percent without increasing the total square footage of this structure by more than fifteen (15) percent. 3. That Section 35-188 of the Code of the City of Portsmouth, Virginia (1988)s be amended and reordained to read as follows: