(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 commercial or industrial structure not less than 20 years of age, or 15 years of age if the structure is located in an area designated as an enterprise zone by the Commonwealth of Virginia.
SUBSTANTIALLY REHABILITATED COMMERCIAL OR INDUSTRIAL REAL ESTATE.
Any commercial or industrial real estate upon which there is an existing structure not less than 20 years of age or 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 exemption for substantially rehabilitated commercial or industrial real estate shall be an amount equal to the dollar amount increase in assessed value resulting from the rehabilitation of the qualified structure as determined by the Commissioner of Revenue. This exemption shall only be applicable to any subsequent assessment or reassessment and shall commence on January 1 of the year following completion of the rehabilitation.
(2) The exemption provided above 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) Work should be completed within two years from the date of this application. However, the Commissioner of the Revenue, at his/her discretion, shall be empowered to grant not more than two one-year extensions based on the circumstances for each particular application. No exemption shall be granted if more than four 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. If the applicant disagrees with the Commissioner of the Revenue's decision to deny an extension, they may appeal the denial to the Northampton County Board of Supervisors.
(4) 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) 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. A fee of $250 shall be paid to the county for processing the application.
(2) 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. Such inspection shall be at a reasonable time to be arranged with the applicant.
(Ord. passed 7-9-2001; Am. Ord. passed 6-14-2004; Am. Ord. passed 4-11-2005; Am. Ord. passed 1-11-2006; Am. Ord. passed 8-13-2024)