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<br />ORIlINA <br /> <br />It~'~i9.~~O? <br /> <br />AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA (2006) BY AMENDING SECTIONS 35-187, 35-188, <br />35-217, AND 35-218 THEREOF PERTAINING TO TAX EXEMPTIONS FOR <br />REHABILITATED REAL PROPERTY. <br /> <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia; <br /> <br />1. That Sections 35-187, 35-188, 35-217, and 35-218 of the Code of the City <br />of Portsmouth, Virginia (2006) be amended and reordained to read as follows: <br /> <br />Sec. 35-187. What constitutes substantial rehabilitation--Residential real estate. <br /> <br />For the purpose of this division, residential real estate shall be deemed to have <br />undergone substantial rehabilitation, renovation or replacement when a structure which is <br />not less than 25 years of age has been so improved as to increase the assessed value of the <br />structure by no less than 40 % without increasing the total square footage of this structure <br />by more than 15 % . If the total square footage of such rehabilitated, renovated, or <br />replacement structure exceeds that of the original structure by more than 15%, the excess <br />square footage above said additional 15% shall not be entitled to the real estate tax <br />exemption authorized by this Division. <br /> <br />Sec. 35-188. Same--Commercial or industrial real estate. <br /> <br />For the purposes of this division commercial or industrial real estate shall be <br />deemed to have undergone substantial rehabilitation, renovation or replacement when a <br />structure which is no less than 25 years of age has been so improved as to increase the <br />assessed value of the structure by no less than 60 % without increasing the total square <br />footage of the structure by more than 15 %. In the event of complete replacement of such <br />structure, the increase in the total square footage shall be no more than 100 %. If the total <br />square footage of such rehabilitated, renovated, or replacement structure exceeds that of <br />the original structure by more than 100%, the excess square footage above said additional <br />100% shall not be entitled to the real estate tax exemption authorized by this Division. <br /> <br />Sec. 35-217. What constitutes substantial rehabilitation--Residential real estate. <br /> <br />For the purposes of this division, residential real estate shall be deemed to have <br />undergone substantial rehabilitation, renovation or replacement when a structure which is <br />no less than 25 years of age has been so improved as to increase the assessed value of the <br />structure by no less than 40 % without increasing the total square footage of such <br />structure by more than 15 %. If the total square footage of such rehabilitated, renovated, <br />or replacement structure exceeds that of the original structure by more than 15%, the <br />