(a) For projects that meet the requirements outlined in subsections 868.05(d)(i), 868.05(d)(ii) and 868.05(d)(iv) the amount of the exemption shall be dependent upon whether the certified solar energy equipment, facilities or devices are being classified and taxed as real property or machinery and tools under Va. Code § 58.1-3507. If the certified solar energy equipment, facilities or devices are being taxed as real property, the amount of the exemption for each year shall be determined by applying the local real estate tax rate to the value of the certified solar energy equipment, facilities or devices and subtracting 100 percent of such amount from the total real estate property tax due on the real property to which such equipment, facilities or devices are attached, for a total period of ten years. If the certified solar energy equipment, facilities or devices are taxable as machinery and tools under Va. Code § 58.1-3507, the amount of the exemption for each year shall be determined, by applying the local personal property tax rate for machinery and tools to the value of the total machinery and tools tax due on such equipment, facilities, or devices, for a total period of ten years.
(b) For projects that meet the requirements outlined in subsections 868.05(d)(iii), 868.05(d)(v) and 868.05(d)(vi) the exemption provided shall be determined in the same manner as subsection 868.08(a) except that the percentage of the assessment and period of time shall be as follows: 80 percent of the assessed value in the first five years in service after commencement of commercial operation, 70 percent of the assessed value in the second five years in service, and 60 percent of the assessed value for all remaining years in service.
(c) For purposes of the administration of this section, and for no other purpose, the value of certified solar energy equipment, facilities or devices qualifying for exemption shall be presumed to be not less than the normal cost of purchasing and installing such equipment, facilities or devices.
(Ord. Unno. Passed 3-19-79; Ord. 20-12. Passed 12-9-20; Ord. 22-19. Passed 12-14-22.)