CODE OF VIRGINIA

ANNUAL SPECIAL IMPROVEMENTS TAX; USE OF REVENUES (§ 33.2-2705)

Upon the written request of the commission made concurrently to the local
governing body or bodies pursuant to this chapter, each local governing body may
levy and collect an annual special improvements tax on taxable real estate zoned
for commercial or industrial use or used for such purposes and taxable leasehold
interests in the portion of the improvement district that is within its
jurisdiction. Notwithstanding the provisions of Article 4 (§ 58.1-3229 et seq.)
of Chapter 32 of Title 58.1, the tax shall be levied on the assessed fair market
value of the taxable real property. The rate of the special improvements tax,
when combined with all other special taxes in this Code of any kind imposed on
land within the district, shall not be more than 25 cents ($ 0.25) per $ 100 of
the assessed fair market value of any taxable real estate or the assessable
value of taxable leasehold property as specified by § 58.1-3203; however, if
all the owners in any district so request in writing, this limitation on rate
shall not apply. Such special improvements taxes shall be collected at the same
time and in the same manner as the locality’s taxes are collected and the
proceeds shall be kept in a separate account. The effective date of the initial
assessment shall be January 1 of the year following adoption of the resolution
creating the district. All revenues received by each locality pursuant to such
taxes shall be paid to or at the direction of the district commission for its
use pursuant to this chapter.

HISTORY: 2004, c. 966, § 33.1-453; 2014, c. 805.