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<br />i,H~mlif\NCE NO~~~:iL <br /> <br />AN ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF <br />PERCENTAGE OF 50% FOR CALENDAR YEAR 2006 PERSONAL PROPERTY <br />T AX BILLS. <br /> <br />WHEREAS, the 2005 revisions to the Personal Property Tax Relief Act of 1998 <br />("'the 2005 Amendments") modified the method of state reimbursement for personal <br />property tax relief from a variable percentage to a fixed sum of money payable to each <br />locality; and <br /> <br />WHEREAS, the 2005 Amendments and Section 35-7.1 of the Portsmouth City <br />Code require that the City annually establish a personal property tax relief percentage <br />such that the total relief provided to qualifying taxpayers will exhaust the funds to be <br />allocated to the locality by the Commonwealth; and <br /> <br />WHEREAS, a personal property tax relief percentage of 50% has been calculated <br />as sufticient to exhaust the state funds expected to be allocated to the City of Portsmouth <br />for calendar year 2006. <br /> <br />NOW THEREFORE BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br /> <br />1. That a personal property tax relief percentage of 50% for calendar year <br />2006 is hereby established pursuant to the requirements of Section 35-7.1 of the City <br />Code. <br /> <br />2. That this ordinance shall take effect on the date of its adoption. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on April 25, 2006. <br /> <br />Teste: <br /> <br />City Clerk <br />