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1985-39 <br /> <br />AN ORDINANCE TO AMEND ORDINANCE NO. 1983-41 AS REENACTED BY ORDINANCE <br />NO. 1984-40 IMPOSING AND LEVYING TAXES FOR THE FISCAL YEAR BEGINNING <br />JULY 1, 1985, AND ENDING JUNE 30, 1986, AND ALSO FOR EACH AND EVERY <br />FISCAL YEAR THEREAFTER BEGINNING JULY lST AND ENEING JUNE 30TH OF EACH <br />SUCH YEAR, UNLESS OTHERWISE CHANGED BY COUNCIL, ON REAL ESTATE, <br />TANGIBLE PERSONAL PROPERTY, AND MACHINERY AND TOOLS WITHIN THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF RAISING REVENUE FOR THE <br />SUPPORT OF GOVERNMENTAL OPERATIONS AND THE PUBLIC FREE SCHOOLS AND TO <br />PAY PRINCIPAL AND INTEREST ON THE PUBLIC DEBT. <br /> <br /> WHEREAS, ORDINANCE NO. 1983-41 as reenacted by ordinance No. <br />1984-40 established the current tax rates on real estate, tangible <br />personal property, and machinery and tools within the City of <br />Portsmouth; and <br /> WHEREAS, Section 58.1-2606, Code of Virginia, 1950, as <br />amended, mandates that rates of taxation of real estate for public <br />service corporations shall be based upon an equal assessment; and <br /> WHEREAS, formula has been established to adjust such tax rates <br />equitably throughout the Commonwealth. <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br /> Virginia: <br /> I. That Ordinance No. I983-41 as reenacted by ordinance <br /> No. 1984-40 be amended and reordained to read as follows: <br /> 1. For the fiscal year beginning July 1, 1985, <br /> and ending June 30, 1986, and also each and every fiscal year <br /> thereafter beginning July 1st and ending June 30th of each such year, <br /> unless otherwise changed by Council, the following tax shall be placed <br /> on real estate, tangible personal property, and machinery and tools <br /> within the limits of the City of Portsmouth, for the purpose of <br /> raising revenue for the support of governmental operations and the <br /> public free schools and to pay principal and interest on the public <br /> debt. <br /> <br /> 2. Tax on Real Estate: <br /> (a) Other than Public Service Corporations: <br /> <br /> The tax on real estate for the City of <br />Portsmouth, Virginia, exclusive of public service corporations, shall <br />be one dollar and thirty cents ($1.30) on each one hundred dollars <br />($100) assessed valuation therefor. <br /> <br /> (b) Public Service Corporations - Unequalized <br /> Real Estate: <br /> <br /> The tax on real estate of public service <br />corporations which is assessed at forty percent (40%) of the fair <br />market value therefor shall be three dollars and twenty-five cents <br /> <br /> <br />