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Wi < < E `. AN ORDINANCE TO PROVIDE TAXPAYERS WITH REAL ESTATE TAX RELIEF IN THE FORM OF A CREDIT IN THE AMOUNT OF FIVE CENTS ($0.05) PER ONE HUNDRED DOLLARS ($100) OF ASSESSED VALUE TO BE APPLIED TO EACH QUARTERLY REAL ESTATE TAX BILL ISSUED FOR FISCAL YEAR 2024. WHEREAS, Virginia Code § 15.2 -950 provides that a locality may make appropriations for the support of the locality, the performance of its functions, and the accomplishment of all other lawful purposes and objectives; and WHEREAS, Virginia Code § 15.2 -940 provides that the locality may expend funds from the locally derived revenues of the locality for the purpose of promoting the resources and advantages of the locality; and WHEREAS, real property in the City has been assessed for taxation for the fiscal year beginning July 1, 2023 and ending June 30, 2024, and real estate taxes will be levied and collected for the fiscal year based on that assessment; and WHEREAS, due to a sharp spike in real estate values, assessments of real property in the City are substantially higher than in recent years; and WHEREAS, the City Council desires to alleviate the tax impact of such increased real property assessments to taxpayers by means of a temporary real estate tax relief program enacted pursuant to Virginia Code §§ 15.2 -950 and 15.2 -940. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. Taxpayers to receive tax relief. In the fiscal year beginning July 1, 2023, and ending June 30, 2024, all owners of Qualified Properties (as defined hereinafter) shall receive real estate tax relief in the form of credits equal to five cents ($0.05) per each $100 of the assessed value of such Qualified Property (each such credit referred to hereafter as a "Relief Credit "). For purposes of this ordinance, a "Qualified Property" is any parcel of real property separately assessed for real estate taxation by the City in the fiscal year beginning July 1, 2023, and ending June 30, 2024, except for any property which is entirely exempt from real estate taxation during that fiscal year or for which no tax bill would otherwise be issued. 2. How Relief Credits disbursed. A Relief Credit shall be applied automatically to each quarterly real estate tax bill issued to each owner of a Qualified Property during the fiscal year aforesaid. The amount of each such Relief Credit shall equal five cents ($0.05) per each $100 of the taxable assessed value upon which the tax liability in each bill was calculated. If any Relief Credit exceeds the total taxes due in the bill to which the Relief Credit was applied (due to prepayment or otherwise), the remainder of such Relief Credit shall be applied to future real estate taxes levied upon