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ORDINANCE NO. 2025-25 AN ORDINANCE TO AMEND AND RE-ENACT ORDINANCE NO. 2024-34 TO IMPOSE AND LEVY TAXES FOR THE FISCAL YEAR BEGINNING JULY 1, 2025 AND ENDING JUNE 30, 2026, ON REAL ESTATE, TANGIBLE PERSONAL PROPERTY, PRIVATELY -OWNED PLEASURE BOATS, PRIVATELY -OWNED CAMPING TRAILERS AND MOTOR HOMES, AND MACHINERY AND TOOLS WITHIN THE CITY OF PORTSMOUTH, VIRGINIA, AND TO ESTABLISH BOATS OR WATERCRAFT WEIGHING LESS THAN FIVE TONS AND USED FOR BUSINESS PURPOSES ONLY AS A SEPARATE CLASSIFICATION OF TANGIBLE PERSONAL PROPERTY, ALL FOR THE PURPOSE OF RAISING REVENUE FOR THE SUPPORT OF GOVERNMENTAL OPERATIONS AND THE PUBLIC FREE SCHOOLS AND TO PAY PRINCIPAL AND INTEREST ON THE PUBLIC DEBT. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Ordinance No. 2024-34 is re-enacted imposing and levying taxes for the fiscal year beginning July 1, 2025 and ending June 30, 2026, on real estate, tangible personal property, privately -owned pleasure boats, privately -owned camping trailers and motor homes, and machinery and tools within the City of Portsmouth, Virginia, for the purpose of raising revenue for the support of governmental operations and the public free schools and to pay principal and interest on the public debt. 2. That the real estate tax is amended and reordained to read as follows: Tax on Real Estate (a) Other than public service corporations: The tax on real estate for the City of Portsmouth, Virginia, exclusive of public service corporations, shall be $1.24 on each $100.00 assessed valuation thereof. (b) Public service corporations: The tax on real estate of public service corporations shall be $1.24 on each $100.00 assessed valuation thereof. 3. That effective January 1, 2026 and in accordance with Virginia Code Section 58.1-3506(A)(35), boats or watercraft weighing less than five tons, used for business purposes only, is created as a separate classification of tangible personal property with a tax rate of $1.50 per $100 in assessed value. 4. That Sections 1 and 2 of this ordinance shall take effect on July 1, 2025 and Section 3 of this ordinance shall take effect on January 1, 2026.