(A) Definitions. For the purpose of this section, the following words and phrases shall have the meaning respectively ascribed to them by this section, unless another meaning shall clearly appear from the text.
QUALIFIED STRUCTURE. Any residential structure not less than 15 years of age. Such structure may be for either single-family or multi-family use. Replacement structures may exceed the total square footage of the replaced structures by no more than 30%.
SUBSTANTIALLY REHABILITATED RESIDENTIAL REAL ESTATE. Any residential real estate upon which there is an existing structure not less than 15 years of age which has been improved so as to increase the assessed value of the structure by no less than 60%.
(B) Amount of exemption.
(1) The partial exemption for substantially rehabilitated residential real estate shall be an amount equal to the increase in assessed value resulting from the rehabilitation, renovation or replacement of the structure.
(2) The exemption shall commence on January 1 of the year following completion of the rehabilitation, renovation or replacement and shall run with the real estate for a period of ten years. No further exemption shall be granted for increases in assessed value caused by the rehabilitation improvements as determined by subsequent general reassessments for any other assessments made during the ten years.
(3) Nothing in this section shall be construed as to permit the Commissioner of the Revenue to list upon the land book any reduced value due to the exemption herein provided.
(4) Work must be completed within two years from the date of this application. No exemption shall be granted if more than two years elapse between the date of the preliminary appraisal and the date that the Commissioner of the Revenue is notified in writing of the work completion.
(5) That all tax levies on the property seeking the exemption be current and that the levy for the year/years that the relief is granted be paid timely.
(C) Application procedure. The procedure for the application and creation of exemptions under this section shall be as follows.
(1) (a) Prior to the commencement of any construction, remodeling, reconstruction, rehabilitation or other like work on a qualified structure, the owner shall file with the Commissioner of Revenue an application on a form approved by the Commissioner of Revenue. This application shall be filed prior to January 1 of the year for which the exemption is claimed.
(b) A fee of $125 shall be paid to the county for processing the application.
(2) (a) Upon the receipt of a completed application and satisfactory evidence that the applicant has obtained the necessary county building or other permits, the Commissioner of Revenue or the designated agent shall visit, inspect and photograph the qualified structure and make an assessment of the building’s value prior to rehabilitation.
(b) Such inspection shall be at a reasonable time to be arranged with the applicant.
(D) Historic properties. Where rehabilitation is achieved through demolition and replacement of an existing structure, the exemption provided herein shall not apply when any structure demolished is a registered Virginia landmark or is determined by the Department of Historic Resources to contribute to the significance of a registered historic district.
(Ord. passed 1-14-2002; Am. Ord. passed 6-14-2004; Am. Ord. passed 4-11-2005; Am. Ord. passed 1-11-06)