For the purpose of this chapter, the following words and phrases shall have the meaning ascribed to them by this section, unless another meaning shall clearly appear from the text:
(a) “Base value” shall mean the assessed value of any structure covered by this chapter as of January 1 of the year in which rehabilitation begins as determined by the local assessing official upon receipt of an application for a rehabilitated real estate tax exemption.
(b) “Local assessing official” means the Commissioner of Revenue.
(d) “Gross living area” shall mean the sum of the finished floor area in square feet of all levels of a structure that are entirely above the finished grade of the land surrounding the property being rehabilitated, renovated or replaced, as measured from the exterior building dimensions. The finished area of basements is not included within the gross living area. Garage areas are not included within the gross living area.
(e) “Owner” shall mean the person or entity in whose name the structure is titled.
(f) “Rehabilitated real estate tax exemption” or “exemption” shall mean an amount equal to the increase in assessed value over the base value resulting from the substantial rehabilitation or replacement of a structure as defined herein and as determined by the local assessing official, which amount shall be exempt from taxation under the terms of this chapter.
(g) “Substantially rehabilitated, renovated” shall mean improvements to an existing structure by rehabilitation, renovation or replacement that increase the assessed value of the structure over its base value by the percentage specified hereafter but without increasing the total square footage of such structure by more than the percentage specified hereafter. This phrase shall not include construction of a freestanding, independent structure that is merely connected to an existing structure by an atrium, breezeway or similar connecting element.
(h) “Residential real estate” shall mean improved real property containing a structure used for residential purposes, as the term “residential use” is defined in Article 8 of the 1993 Loudoun County Zoning Ordinance (“LCZO”). However, “residential real estate” shall not include any structure having a gross living area of more than 2,000 square feet.
(i) “Residential revitalization district” shall mean those residential revitalization districts specified in Section 870.09 of this chapter.
(j) “Taxable year” shall mean the calendar year from January 1 through December 31 for which real property tax is imposed or exemption claimed under this chapter.
(Ord. 01-03. Passed 5-21-01; Ord. 12-16. Passed 12-5-12; Ord. 13-05. Passed 4-3-13.)