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ORDINANCE NO. 2026-64 <br />AN ORDINANCE TO AMEND AND REORDAIN DIVISIONS 5 (REHABILITATED <br />REAL ESTATE) AND 6 (REHABILITATED REAL ESTATE IN URBAN ENTERPRISE <br />ZONE) OF ARTICLE III (EXEMPTIONS FROM REAL ESTATE TAXES) OF <br />CHAPTER 35 (TAXATION) OF THE CODE OF THE CITY OF PORTSMOUTH, <br />VIRGINIA TO MODIFY THE RULES AND REQUIREMENTS APPLICABLE TO THE <br />REHABILITATED REAL ESTATE ASSESSMENT CREDIT PROGRAM. <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br />1. That Divisions 5 and 6 of Article III of Chapter 35 of the Code of the City of <br />Portsmouth are amended as shown on Exhibit A hereto. <br />2. That the purpose of the amendment is to revise and clarify the process for obtaining <br />real estate assessment credits for substantial rehabilitation of existing properties, including by <br />establishing required completion timeframes. <br />3. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on June <br />23, 2026. <br />Teste: <br />City Clerk <br />