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<br />ORDINANCE HOl 0 0 8 - 28 <br /> <br />4 _r <br /> <br />AN ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF <br />PERCENTAGE OF 52% FOR CALENDAR YEAR 2008 PERSONAL PROPERTY <br />TAX 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 935-7.1 of the Portsmouth City Code <br />require that the City annually establish a personal property tax relief percentage such that <br />the total relief provided to qualifying taxpayers will exhaust the funds to be allocated to <br />the locality by the Commonwealth; and <br /> <br />WHEREAS, a personal property tax relief percentage of 52% has been calculated <br />as sufficient to exhaust the state funds expected to be allocated to the City of Portsmouth <br />for calendar year 2008; <br /> <br />NOW THEREFORE BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br />1. That a personal property tax relief percentage of 52% for calendar year <br />2008 is hereby established pursuant to the requirements of 935-7.1 of the <br />Portsmouth City Code. <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 />April 8, 2008. <br /> <br />Teste: <br /> <br />City Clerk <br />