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AN ORDINANCE TO RE-ENACT ORDINANCE NO. 1985-39 AS <br />RE-ENACTED BY ORDINANCE NO. 1986-44 IMPOSING AND LEVYING <br />TAXES FOR EACH FISCAL YEAR BEGINNING JULY 1ST AND ENDING <br />JUNE 30TH, UNLESS OTHERWISE CHANGED BY COUNCIL ON REAL <br />ESTATE, TANGIBLE PERSONAL PROPERTY, AND MACHINERY AND TOOLS <br />WITHIN THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF <br />RAISING REVENUE FOR THE SUPPORT OF GOVERNMENTAL OPERATIONS <br />AND THE PUBLIC FREE SCHOOLS AND TO PAY PRINCIPAL AND <br />INTEREST ON THE PUBLIC DEBT. <br /> <br /> BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br /> <br /> 1. That Ordinance No. 1985-39, as amended and as <br />re-enacted by Ordinance No. 1986-44, is re-enacted as <br />amended herein, imposing and levying taxes for each fiscal <br />year beginning July 1st and ending June 30th, unless <br />otherwise changed by Council on real estate, tangible <br />personal property, and machinery and tools within the City <br />of Portsmouth, Virginia, for the purpose of raising revenue <br />for the support of governmental operations and the public <br />free schools and to pay principal and interest on the <br />public debt. <br /> <br /> 2. That paragraph 2 of Ordinance No. <br />amended by Ordinance No. 1986-44 is amended <br />to read as follows: <br /> <br />1985-39 as <br />and reordained <br /> <br />Tax on Real Estate <br /> <br />(a) Other than public service corporations: <br /> <br /> The tax on real estate for the'City of Portsmouth, <br />Virginia, exclusive of public service corporations shall be <br />one dollar and twenty-two cents ($1.22) on each one <br />hundred dollars ($100) assessed valuation therefor. <br /> <br />(b) Public service corporations: <br /> <br /> The tax on real estate of public service corporations <br />which is assessed at one hundred per cent (100%) of the <br />fair market value thereof shall be one dollar and <br />twenty-two cents ($1.22) multiplied by the local assessemtn <br />ratio as most recently determined and published by the <br />Department of Taxation of the Commonwealth of Virginia on <br />each one hundred dollars ($100) assessed valuation thereof. <br /> <br /> <br />