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Qualified Property. In no case shall any portion of a Relief Credit be paid directly to any <br />person or entity. <br />3. Who to receive benefit of Relief Credit. Each Relief Credit will be <br />automatically applied to each quarterly tax bill issued in the fiscal year aforesaid, <br />irrespective of whether a Qualified Property has been conveyed to a new owner at any <br />point during that fiscal year. No Relief Credit may be prorated, whether to reflect a <br />change in ownership of a Qualified Property prior to application of a Relief Credit or for <br />any other reason. No portion of a Relief Credit which is prospectively applied to tax <br />liability not yet due and payable at the time the Relief Credit is issued may be later <br />refunded to any individual or entity, whether due to a change in ownership of the <br />Qualified Property or for any other reason. <br />4. Delinquent accounts. Relief Credits shall be applied to each quarterly <br />real estate tax bill issued in the fiscal year aforesaid for a Qualified Property in the <br />amount described herein irrespective of whether the prior real estate taxes, local or CDA <br />charges constituting a lien on the Qualified Property which is on parity with a lien for <br />local real estate taxes, or any other penalties or interest accruing on any such amounts, <br />remain unpaid for that Qualified Property. No portion of any Relief Credit shall be <br />construed to have been applied to any such past -due amounts or any penalties or interest <br />accruing thereon. <br />5. That this ordinance shall take effect on July 1, 2023. <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held <br />on May 9, 2023. <br />Teste: <br />City Clerk <br />