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Real Estate Rehabilitation & Renovation Program Meetings Scheduled
A series of informational meetings has been scheduled regarding the City of Lynchburg’s Real Estate Rehabilitation and Renovation Program. Any City resident who owns a qualified property and is renovating or rehabilitating that property may be eligible for this tax exempt program.
The tax exemption is equal to the difference between the increase in assessed value resulting from substantial rehabilitation/renovation of a structure and the beginning assessed value as determined by the City Assessor. The program does not freeze taxes; however, the exemption is subtracted from the fair market value assessment before taxes are calculated. Property owners who qualify for the exemption can save a significant amount of money.
The public is invited to attend any of the following meetings:
► Monday, February 5
Daniel’s Hill Center, 317 Norwood Street
► Monday, February 12
Diamond Hill Center, 1005 17th Street
► Monday, February 26
Fairview Center, 3621 Campbell Avenue
All meetings will be held from 6:00 p.m. until 7:00 p.m. and will cover information about eligibility requirements for rehabilitated/renovated structures, damaged or destroyed structures and revitalization zone structures.
For more information, call the City Assessor’s Office at (434) 455-3830.