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RD& OL9 -39 AN ORDINANCE TO AMEND AND REORDAIN CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006), AS AMENDED, BY AMENDING SECTION 35 -72 (ASSESSMENT OF NEW BUILDINGS; SUBSTANTIALLY COMPLETED) TO CORRECT TEXTUAL ERRORS IN THE PUBLISHED CODE. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Chapter 35 of the Code of the City of Portsmouth, Virginia (2006), as amended, is hereby amended and reordained by amending subsection 35 -72 as follows: Sec. 35 -72. - Assessment of new buildings and improvements; substantially completed. (a) Notwithstanding any other provision of this article, all new buildings substantially completed or fit for use #nd or occupancy prior to Mav 11 of the fiscal year of completion shall be assessed when so completed or fit for use and occupancy, and the city assessor shall enter in the land books the fair market value thereof as of the first day of the next succeeding quarter year after the building has been substantially completed or fit for use and occupancy. Further, the assessor shall assess or reassess as required anv lot, tract piece or parcel of land upon or to which improvements have been made. No partial assessment as provided herein shall become effective until information as to the date and amount of such assessment is recorded in the office of the official authorized to collect taxes on real property and made available for public inspection. The total tax on any such new building or improvement for that fiscal year shall be the sum of: - - -- ( +a) The tax upon the assessment of t4&=Oompleted such new building or improvement, computed according to the ratio which the portion of the fiscal year such building or im rovement is substantially completed or fit for use and occupancy bears to the entire fiscal year; and (Xb) The tax upon the assessment of such new building or im rovement as it existed on July 1 of that assessm@nt fiscal year, computed according to the ratio which the portion of the fiscal year such building or' was not substantially complete or fit for use and occupancy bears to the entire fiscal year. t3 5 of the, d 2. That this ordinance shall take effect immediately on the date of its adoption. ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on June 11, 2019. Teste: City Clerk