(a) Any property otherwise qualifying for use value taxation under Article 4, Chapter 32, Title 58.1 of the Code of Virginia, as amended, and this section, may qualify for additional deferral of taxes upon a recorded commitment to keep the property in its qualifying use for a term of years. The portion of additional taxes deferred shall be in accordance with the following scale:
(1) In the event of a commitment to hold the property in its qualifying use for more than ten years, but not exceeding twenty years, ninety-nine percent of the use value taxes otherwise assessed may be deferred for the term of the commitment.
(2) In the event of a commitment to hold the property in its qualifying use for more than five years, but not exceeding ten years, fifty percent of the use value taxes otherwise assessed may be deferred for the term of the commitment.
(b) To qualify for the additional deferral, the property owner must execute a written agreement which sets forth the property subject to the restriction, the nature of the restriction and the period of time that the property shall remain restricted to its qualifying use. The written agreement shall be in a form approved by the County Attorney, executed by the County and recorded in the land records. The County Administrator, or his or her designee, is delegated all necessary authority to prepare and execute agreements on behalf of the County.
(c) For any property entering into a written agreement and receiving deferral under the terms of this section, any roll back taxes shall be calculated in accordance with Section 58.1-3237(C) of the Code of Virginia, as amended. All other provisions of Article 4, Chapter 32, Title 58.1, of the Code of Virginia, as amended, and this chapter, not inconsistent with this section, shall apply.
(d) This section is in addition to the use value tax deferral program established under the other provisions of this chapter. Subject to the calculation of roll back taxes pursuant to Section 58.1-3237(B) of the Code of Virginia, as amended, landowners may participate in the use value tax deferral program subject to the other provisions of this chapter without the requirement of entering into a written agreement.
(e) The provisions of this section shall be implemented beginning with the tax year 2001 for property owners applying on or before December 5, 2000.
(Ord. 99-19. Passed 12-15-99; Ord. 00-11. Passed 11-6-00; Ord. 01-07. Passed 11-19-01; Ord. 12-16. Passed 12-5-12; Ord. 23-04. Passed 2-7-23.)