Sec. 36-177.1. Exemption of real estate taxes for new structures and the renovation or replacement of damaged or destroyed structures in redevelopment or conservation areas or rehabilitation districts.
(a) It is hereby declared to be the purpose of this section to authorize a partial exemption from real property taxes of vacant real property upon which new single-family structures are constructed within the city’s designated redevelopment or conservation areas or rehabilitation districts and for the replacement or renovation of residential or commercial structures that are damaged by a natural disaster, an act of God or by other accidental means within the city’s designated redevelopment or conservation areas or rehabilitation districts. For each residential or commercial property that qualifies, the real estate tax exemption shall be effective for a period of seven (7) years commencing on July 1 for any work completed during the preceding fiscal year.
(b) The amount of the exemption from real property taxation shall be fifty (50) per cent of the assessed value of the newly constructed single family residence or in the case of a damaged or destroyed residential or commercial structure the amount of the exemption shall be fifty (50) per cent of the assessed value of the renovated or replacement structure.
(c) In order to qualify for the exemption, a newly constructed residential structure must be designed for and used as a principal single-family residential structure and must have an assessed fair market value, as determined by the city assessor, of at least one hundred twenty (120) per cent of the median value of the other single-family residences located within the neighborhood. In the case of a renovated or replacement residential or commercial structure, the assessed fair market value of the renovated or replacement structure must be equal to at least one hundred (100) per cent of the assessed fair market value of the structure that was damaged or destroyed. Further, any new, renovated or replacement structure must be designed and constructed in such a manner that it is architecturally compatible with the existing structures located within the neighborhood.
(d) The exemption provided in this section shall not apply when an existing structure is demolished or razed by a property owner or as a result of the property owner’s neglect and a replacement structure is constructed, unless the assessed value of the existing structure that is demolished or razed is less than ten thousand dollars ($10,000.00). The exemption shall not apply when the structure to be demolished or razed is a Virginia registered landmark, or is determined by the city’s historic preservation commission to contribute to the significance of a registered historic district.
(e) The requirements set forth in section 36-177(c) usual and customary method of assessing and (d) eligibility requirements, of the city code, shall apply to the application, assessment, inspection and maintenance of new single-family structures on vacant lots and to the renovation or replacement of damaged or destroyed residential or commercial structures in the city’s redevelopment and conservation areas.
(f) Exemption to run with the land. The real estate tax exemption shall run with the land, and the owner of such property during each of the years of exemption shall be entitled to the amount of partial exemption. (Ord. of 5-27-08, Ord. No. O-08-075)
Last updated date: 6/2/2008 3:09:59 PM