The exemption provided for in this chapter shall be effective in the tax year next succeeding the year in which application for exemption is made. For projects that meet the requirements outlined in subsection 868.05(d)(i), 868.05(d)(ii) and 868.05(d)(iv) the exemption shall be permitted for a term of ten years. For projects that meet the requirements outlined in subsections 868.05(d)(iii), 868.05(d)(v) and 868.05(d)(vi) the term of the exemption will be for the years in service. In the case of real estate assessed pursuant to Section 58.1-3292 of the Code of Virginia of 1950, as amended, the exemption shall be effective when the real estate is first assessed or on the date of application for exemption, whichever is later.
(Ord. Unno. Passed 3-19-79; Ord. 20-12. Passed 12-9-20; Ord. 22-19. Passed 12-14-22.)