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AN ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF <br />PERCENTAGE OF 50% FOR CALENDAR YEAR 2023 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 Commissioner of the Revenue, a personal <br />property tax relief percentage of 50% has been calculated as sufficient to exhaust the state <br />funds expected to be allocated to the City of Portsmouth for calendar year 2023 and to <br />provide additional relief above and beyond said funding to Portsmouth citizens. <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 50% for calendar year <br />2023 is hereby established pursuant to the requirements of Section 35 -9 of the <br />Portsmouth City Code. <br />2023. <br />2. That this ordinance shall be deemed to have taken effect on January 1, <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on April 11, 2023. <br />Teste: <br />City Clerk <br />