Bill Text: VA HB1899 | 2011 | Regular Session | Engrossed
Bill Title: Real property tax assessment; partial exemption for certain improvements.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2011-03-24 - Governor: Acts of Assembly Chapter text (CHAP0460) [HB1899 Detail]
Download: Virginia-2011-HB1899-Engrossed.html
11101706D
Be it enacted by the General Assembly of Virginia: 1. That §§ 58.1-3219.4 and 58.1-3220 of the Code of Virginia are amended and reenacted as follows: § 58.1-3219.4. Partial exemption for structures in redevelopment or conservation areas or rehabilitation districts. For purposes of this section, unless the context requires otherwise: "Redevelopment or conservation area or rehabilitation district" means a redevelopment or conservation area or a rehabilitation district established in accordance with law. A. The governing body of any county, city, or town may, by ordinance, provide for the partial exemption from taxation of (i) new structures located in a redevelopment or conservation area or rehabilitation district or (ii) other improvements to real estate located in a redevelopment or conservation area or rehabilitation district. The governing body of a county, city, or town may (a) establish criteria for determining whether real estate qualifies for the partial exemption authorized by this section, (b) establish requirements for the square footage of new structures that would qualify for the partial exemption, and (c) place such other restrictions and conditions on such new structures or improvements as may be prescribed by ordinance. B. The partial exemption provided by the local governing body
shall be provided in the local ordinance and shall be either (i) an amount
equal to the increase in assessed value or a percentage of such increase
resulting from the construction of the new structure or other improvement to
the real estate as determined by the commissioner of the revenue or other local
assessing officer, or (ii) an amount up to C. The local governing body or designee shall provide written notification to the property owner of the amount of the assessment of the property that will be exempt from real property taxation and the period of such exemption. Such exempt amount shall be a covenant that runs with the land for the period of the exemption and shall not be reduced by the local governing body or designee during the period of the exemption [ unless the local governing body or designee by written notice has advised the property owner at the initial time of approval of the exemption that the exempt amount may be decreased during the period of such exemption ] .
§ 58.1-3220. Partial exemption for certain rehabilitated, renovated or replacement residential structures. A. The governing body of any county, city or town may, by
ordinance, provide for the partial exemption from taxation of real estate on
which any structure or other improvement no less than B. The partial exemption provided by the local governing body
may be an amount equal to the increase in assessed value or a percentage of
such increase resulting from the rehabilitation, renovation or replacement of
the structure as determined by the commissioner of revenue or other local
assessing officer or an amount up to C. The local governing body or designee shall provide written notification to the property owner of the amount of the assessment of the property that will be exempt from real property taxation and the period of such exemption. Such exempt amount shall be a covenant that runs with the land for the period of the exemption and shall not be reduced by the local governing body or designee during the period of the exemption [ unless the local governing body or designee by written notice has advised the property owner at the initial time of approval of the exemption that the exempt amount may be decreased during the period of such exemption ] .
2. That the provisions of this act shall become effective for assessments for tax years beginning on or after January 1, 2011. A property owner, however, shall not be entitled under this act to a refund for any taxes paid for tax years beginning prior to January 1, 2011. If, for tax years beginning prior to January 1, 2011, a governing body or designee reduced the amount of the partial exemption to an amount less than the original amount of the partial exemption during the period of exemption, such local governing body or designee shall reinstate the original exempt amount for tax years beginning on or after January 1, 2011, for the balance of the period of the exemption, if any, remaining on that date. |