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AN ORDINANCE TO AMEND ORDINANCE NO. 1977-51 IMPOSING AND <br />LEVYING TAXES FOR THE FISCAL YEAR BEGi~ING JULY 1, 1977, <br />AND ENDING JUNE 30, 1978, AND ALSO FOR EACH AND EVERY FISCAL <br />YEAR THEREAFTER BEGINNING JULY 1 AND ENDING JUNE 30 OF EACH <br />SUCH YEAR, 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 INTEREST <br />ON THE PUBLIC DEBT. <br /> <br /> WHEREAS, ordinance No. 1977-51 establishes the current <br />tax rates on real estate, tangible personal property, and <br />machinery and tools within the City of Portsmouth~ and <br /> <br /> WHEREAS, Section 58-514.2, Code of Virginia, 1950, as <br />amended, mandates that rates of taxa%ion of real es%ate for <br />publ~±c service corporations shall be based upon an equal <br />assessment; and <br /> <br /> WHEREAS, a formula has been established to adjust such <br />tax ~ates equitably throughout the Com~onwealtho <br /> <br /> BE 1T ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> I. That Ordinance No. 1977-51 be amended and reordained <br />%0 read as follows: <br /> <br /> 1. For the fiscal year beginning July 1, 1977, and <br />e~ding June 30, 1978, and also each and every fiscal year there- <br />after beginning July 1 and ending June 30 of each such year, <br />unless otherwise changed by Councilf the following %ax shall <br />be pl~aced on real estate, tangible personal property, and <br />machinery and tools w-±thin the limits of the City of Ports- <br />mouth, for the purpose of raising revenue for the support of <br />governmental operations and the public free schools and to paT <br />prfncipal and interest on the public debt. <br /> <br />2. Tax on Real Estate: <br /> <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, <br />shall be One and 30/100 ($1.30) Dollars on each One Hundred <br />Dollars ($100.00} assessed valuation therefor. <br /> <br /> (b) Public ServiceCo~porations - Unequalized <br /> Real Estate: <br /> <br /> The ta~ on real estate of public service <br />corporations which is assessed at Forty Percent (40%) of the <br />fair market value therefor shall be Three and 25/1OO ($3.25) <br />multiplied by the local assessment ratio as most recently <br /> <br /> <br />