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AN ORDINANCE TO APLEND THE CODE OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, 1973, BY AMENDING CHAPTER 35 THEREOF, PERTAINING <br />TO TAXATION BY ADDING THERETO, ARTICLE XIV, SECTIONS 35-229 <br />AND 35-230, PERTAINING TO EXEMPTION FOR CERTAIN REHABILITATED <br />RESIDENTIAL REAL ESTATE AND COMMERCIAL. OR INDUSTRIAL REAL <br />ESTATE. <br /> <br /> BE IT ORDAINED by the Council of the City of Ports- <br />mouth, Virginia: <br /> <br /> 1. That Chapter 35 of the Code of the City of Portsmouth, <br />Virginia, 1973, be amended by adding thereto, Article XIV, <br />Sections 35-229 and 35-230 to read as follows: <br /> <br />ARTICLE XIV: <br /> <br />Exemption for certain rehabilitated <br />residential real estate and commercial <br />or industrial real estate. <br /> <br />Section 35-229. Exemption for certain rehabilitated resi- <br /> dential real estate. <br /> <br /> For the purposes of this section any residential real <br />estate shall be deemed to have been substantially rehabilitated <br />when a structure which is no less than forty (40) years of <br />age has been so improved as to increase the assessed value <br />of the structure by no less than forty (40%) percent without <br />increasing the total square footage of such s~ructure by <br />more than fifteen (15%) percent. A real estate tax exemption <br />is hereby authorized for such qualified property in an amount <br />equal to the increase in the assessed value resulting from <br />the rehabilitation of the residential real estate as deter- <br />mined by the City Assessor and this amount only shall be <br />applicable to any subsequent assessment or reassessment for <br />the period of five (5) years commencing on Ju~y 1 of the <br />year following completion of the rehabilitation. <br /> <br /> The owner of such rehabilitated residential real <br />estate shall be required to file an application requesting <br />the exemption provided by this section with the City Assessor <br />not later than ten (10) day~ after obtaining a building <br />permit for said rehabilitation. ~ Said property owner shall <br />also be required to pay a fee of twenty ($20.00) dollars to <br />the City of Portsmouth for processing such application re- <br />questing the exemption. <br /> <br /> Nothing in this section shall be construed as to permit <br />the City Assessor to list upon the land book any reduced <br />value due to the exemption provided herein. <br /> <br /> No property shall be eligible for such exemption unless <br />the appropriate building permits were acquired by the property <br />owner or the rehabilitation indicated on the application was <br />completed subsequent to January 1, 1980 as verified by the <br /> <br /> <br />