2008 Ordinances - Laserfiche WebLink

Home Browse Search

2 0 O~"i.? 8 " """"_'f~'tM"~~ AN ORDINANCE TO AMEND SECTIONS 35-186, 35-187, AND 35-188 AND REPEAL SECTION 35-191 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006), PERTAINING TO TAX EXEMPTIONS FOR REHABILITATED PROPERTY. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That the Code of the City of Portsmouth, Virginia (2006) be, and hereby is, amended and reordained by amending Sections 35-186, 35-187, and 35-188 thereof as follows: Sec. 35-186. Authorized; amount; duration. A real estate tax exemption is hereby authorized for residential, commercial and industrial real estate which has undergone substantial rehabilitation, renovation or replacement in an amount equal to the increase in the assessed value resulting from the rehabilitation of the real estate, as determined by the city assessor, and this amount only shall be applicable to any subsequent assessment or reassessment for a period of ten years commencing on July 1 of the year following completion of the rehabilitation. Sec. 35-187. What constitutes substantial rehabilitation--Residential real estate. For the purpose of this division, residential real estate shall be deemed to have undergone substantial rehabilitation, renovation or replacement when a structure which is not less than 25 years of age has been so improved as to increase the assessed value of the structure by no less than 40 percent without increasing the total square footage of this structure by more than 15 percent. Sec. 35-188. Same--Commercial or industrial real estate. For the purposes of this division commercial or industrial real estate shall be deemed to have undergone substantial rehabilitation, renovation or replacement when a structure which is no less than 25 years of age has been so improved as to increase the assessed value of the structure by no less than 60 percent without increasing the total square footage of the structure by more than 15 percent. In the event of complete replacement of such structure, the increase in the total square footage shall be no more than 100 percent. 2. That the Code ofthe City of Portsmouth, Virginia (2006) be, and hereby is, amended and reordained by repealing Section 35-191 thereof, as follows 3. That this ordinance shall take effect on the date of its adoption. It shall have prospective application only. Any property that has previously qualified for a five-year exemption and that is still within ten years of the date of exemption commencement date shall be entitled to an exemption for the remaining balance of the ten-year period.