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AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA (1988), BY AMENDING SECTION 35-186 <br />THEREOF, PERTAINING TO TAXATION. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 35-186 of the Code of the City of <br />Portsmouth, Virginia (1988), be amended and reordained to read <br />as follows: <br /> <br />Sec. 35-186. Authorized; amount; duration. <br /> <br /> A real estate tax exemption is hereby authorized for <br />residential, commercial and industrial real estate which has <br />undergone substantial rehabilitation, renovation or replacement <br />in an amount equal to the increase in the assessed value <br />resulting from the rehabilitation of the real estate, as <br />determined by the city assessor, and this amount only shall be <br />applicable to any subsequent assessment or reassessment for a <br />period of five (5) years commencing on July first of the year <br />following completion of the rehabilitation. <br /> <br />2. That this ordinance shall take effect on July 1, 1994. <br /> <br /> Adopted by Council of the City of Portsmouth, Virginia, at <br />a meeting held on June 28, 1994. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />