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z ~~' " ~' ;., 2014-23 <br />AN ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF <br />PERCENTAGE OF 51 % FOR CALENDAR YEAR 2014 PERSONAL PROPERTY <br />TAX BILLS. <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 />WHEREAS, the 2005 Amendments and Section 35-9 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 />WHEREAS, with the assistance of the City Treasurer and the Commissioner of <br />the Revenue, a personal property tax relief percentage of 51 % has been calculated as <br />sufficient to exhaust the state funds expected to be allocated to the City of Portsmouth for <br />calendar year 2014. <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 51 % for calendar year <br />2014 is hereby establish pursuant to the requirements of Section 35-9 of the Portsmouth <br />City Code. <br />2. That this ordinance shall be deemed to have taken effect on January 1, <br />2014. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />March 25, 2014. <br />Teste: <br />City Clerk <br />