{"law_id":"779512","section_number":"58.1-3220.01","catch_line":"Local real property tax credits on certain rehabilitated, renovated or replacement residential structures","history":"1996, c. 765; 2001, c. 489.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/58.1-3220.01\/","refers_to":false,"url":"\/58.1-3220.01\/","token":"58.1\/III\/32\/3\/58.1-3220.01","structure":{"1":{"id":"2591","name":"Other Exemptions, Credits, Partial Abatement, Apportionments, Classifications","identifier":"3","label":"article","url":"\/58.1\/III\/32\/3\/"},"2":{"id":"632","name":"Real Property Tax","identifier":"32","label":"chapter","url":"\/58.1\/III\/32\/"},"3":{"id":"114","name":"Local Taxes","identifier":"III","label":"subtitle","url":"\/58.1\/III\/"},"4":{"id":"1","name":"Taxation","identifier":"58.1","label":"title","url":"\/58.1\/"}},"referred_to_by":false,"edition_id":"11","section_id":"779512","structure_id":"2591","full_text":"A The governing body of any county, city or town may, by ordinance, provide for a local real property tax credit equal to certain property tax liens owed on real estate on which any structure or other improvement no less than fifteen years of age has undergone substantial rehabilitation, renovation or replacement for residential use, subject to such conditions as the ordinance may prescribe. The credit shall be used by the owner of the property which has the real property tax liens and can be used to offset real property taxes assessed against such property. The governing body of a county, city or town may establish criteria for determining whether real estate qualifies for the credit authorized by this provision and may require such structures to be older than fifteen years of age, or place such other restrictions and conditions on such property as may be prescribed by ordinance. Such ordinance may also provide for a credit for multifamily residential units which have been substantially rehabilitated by replacement for multifamily use. Such replacement structures may exceed the total square footage of the replaced structures by no more than thirty percent.\r\rB The local tax credit shall be available only to those property owners who have purchased a structure which at the time of purchase contained property tax liens exceeding fifty percent of the assessed value of the property. The tax credit granted by the locality shall not exceed the amount by which the property tax liens exceeded fifty percent of the assessed value of the property at the time of purchase. The credit may be applied upon completion of the rehabilitation, renovation or replacement or on January 1 of the year following completion of the rehabilitation, renovation or replacement and may be divided over a period of no longer than ten years.\r\rC The governing body of any county, city or town may assess a fee not to exceed one hundred twenty-five dollars for residential properties, or two hundred fifty dollars for commercial, industrial, and\/or apartment properties of six units or more for processing an application requesting the credit provided by this section. No property shall be eligible for such credit unless the appropriate building permits have been acquired and the commissioner of the revenue or assessing officer has verified that the rehabilitation, renovation or replacement indicated on the application has been completed.\r\rD Where rehabilitation is achieved through demolition and replacement of an existing structure, the credit 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.\r\r","text":{"0":{"id":"2514124","text":"The governing body of any county, city or town may, by ordinance, provide for a local real property tax credit equal to certain property tax liens owed on real estate on which any structure or other improvement no less than fifteen years of age has undergone substantial rehabilitation, renovation or replacement for residential use, subject to such conditions as the ordinance may prescribe. The credit shall be used by the owner of the property which has the real property tax liens and can be used to offset real property taxes assessed against such property. The governing body of a county, city or town may establish criteria for determining whether real estate qualifies for the credit authorized by this provision and may require such structures to be older than fifteen years of age, or place such other restrictions and conditions on such property as may be prescribed by ordinance. Such ordinance may also provide for a credit for multifamily residential units which have been substantially rehabilitated by replacement for multifamily use. Such replacement structures may exceed the total square footage of the replaced structures by no more than thirty percent.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2514125","text":"The local tax credit shall be available only to those property owners who have purchased a structure which at the time of purchase contained property tax liens exceeding fifty percent of the assessed value of the property. The tax credit granted by the locality shall not exceed the amount by which the property tax liens exceeded fifty percent of the assessed value of the property at the time of purchase. The credit may be applied upon completion of the rehabilitation, renovation or replacement or on January 1 of the year following completion of the rehabilitation, renovation or replacement and may be divided over a period of no longer than ten years.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1},"2":{"id":"2514126","text":"The governing body of any county, city or town may assess a fee not to exceed one hundred twenty-five dollars for residential properties, or two hundred fifty dollars for commercial, industrial, and\/or apartment properties of six units or more for processing an application requesting the credit provided by this section. No property shall be eligible for such credit unless the appropriate building permits have been acquired and the commissioner of the revenue or assessing officer has verified that the rehabilitation, renovation or replacement indicated on the application has been completed.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1},"3":{"id":"2514127","text":"Where rehabilitation is achieved through demolition and replacement of an existing structure, the credit 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.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1}},"ancestry":{"1":{"id":"2591","name":"Other Exemptions, Credits, Partial Abatement, Apportionments, Classifications","identifier":"3","label":"article","url":"\/58.1\/III\/32\/3\/"},"2":{"id":"632","name":"Real Property Tax","identifier":"32","label":"chapter","url":"\/58.1\/III\/32\/"},"3":{"id":"114","name":"Local Taxes","identifier":"III","label":"subtitle","url":"\/58.1\/III\/"},"4":{"id":"1","name":"Taxation","identifier":"58.1","label":"title","url":"\/58.1\/"}},"structure_contents":{"0":{"id":"795262","structure_id":"2591","section_number":"58.1-3220","catch_line":"Partial exemption for certain rehabilitated, renovated or replacement residential structures","url":"\/58.1-3220\/","token":"58.1\/III\/32\/3\/58.1-3220"},"1":{"id":"779512","structure_id":"2591","section_number":"58.1-3220.01","catch_line":"Local real property tax credits on certain rehabilitated, renovated or replacement residential structures","url":"\/58.1-3220.01\/","token":"58.1\/III\/32\/3\/58.1-3220.01"},"2":{"id":"790887","structure_id":"2591","section_number":"58.1-3220.1","catch_line":"Partial exemption for certain rehabilitated, renovated or replacement hotel or motel structures","url":"\/58.1-3220.1\/","token":"58.1\/III\/32\/3\/58.1-3220.1"},"3":{"id":"794124","structure_id":"2591","section_number":"58.1-3221","catch_line":"Partial exemption for certain rehabilitated, renovated or replacement commercial or industrial structures","url":"\/58.1-3221\/","token":"58.1\/III\/32\/3\/58.1-3221"},"4":{"id":"777529","structure_id":"2591","section_number":"58.1-3221.1","catch_line":"Classification of land and improvements for tax purposes","url":"\/58.1-3221.1\/","token":"58.1\/III\/32\/3\/58.1-3221.1"},"5":{"id":"774511","structure_id":"2591","section_number":"58.1-3221.2","catch_line":"Classification of certain energy-efficient buildings for tax purposes","url":"\/58.1-3221.2\/","token":"58.1\/III\/32\/3\/58.1-3221.2"},"6":{"id":"795659","structure_id":"2591","section_number":"58.1-3221.3","catch_line":"Classification of certain commercial and industrial real property and taxation of such property by certain localities","url":"\/58.1-3221.3\/","token":"58.1\/III\/32\/3\/58.1-3221.3"},"7":{"id":"791786","structure_id":"2591","section_number":"58.1-3221.4","catch_line":"Classification of improvements to real property designed and used primarily for the manufacture of a renewable energy product for tax purposes","url":"\/58.1-3221.4\/","token":"58.1\/III\/32\/3\/58.1-3221.4"},"8":{"id":"770319","structure_id":"2591","section_number":"58.1-3221.5","catch_line":"Classification of certain historical buildings for tax purposes","url":"\/58.1-3221.5\/","token":"58.1\/III\/32\/3\/58.1-3221.5"},"9":{"id":"780338","structure_id":"2591","section_number":"58.1-3222","catch_line":"Abatement of levies on buildings razed, destroyed or damaged by fortuitous happenings","url":"\/58.1-3222\/","token":"58.1\/III\/32\/3\/58.1-3222"},"10":{"id":"788205","structure_id":"2591","section_number":"58.1-3223","catch_line":"Taxation of life tenant's interest when remainder held by United States","url":"\/58.1-3223\/","token":"58.1\/III\/32\/3\/58.1-3223"},"11":{"id":"777325","structure_id":"2591","section_number":"58.1-3224","catch_line":"Apportionment of city taxes when part of real estate becomes separately owned","url":"\/58.1-3224\/","token":"58.1\/III\/32\/3\/58.1-3224"},"12":{"id":"770717","structure_id":"2591","section_number":"58.1-3225","catch_line":"Apportionment of taxes, etc., on partition","url":"\/58.1-3225\/","token":"58.1\/III\/32\/3\/58.1-3225"},"13":{"id":"769680","structure_id":"2591","section_number":"58.1-3226","catch_line":"Procedure for such apportionment","url":"\/58.1-3226\/","token":"58.1\/III\/32\/3\/58.1-3226"},"14":{"id":"778784","structure_id":"2591","section_number":"58.1-3226.1","catch_line":"Release of lien on portion of real estate upon payment of taxes","url":"\/58.1-3226.1\/","token":"58.1\/III\/32\/3\/58.1-3226.1"},"15":{"id":"772471","structure_id":"2591","section_number":"58.1-3227","catch_line":"Proration of delinquent taxes after purchase of part of tract","url":"\/58.1-3227\/","token":"58.1\/III\/32\/3\/58.1-3227"},"16":{"id":"793743","structure_id":"2591","section_number":"58.1-3228","catch_line":"Release of delinquent tax lien to facilitate a conveyance of real property","url":"\/58.1-3228\/","token":"58.1\/III\/32\/3\/58.1-3228"}},"previous_section":{"id":"795262","structure_id":"2591","section_number":"58.1-3220","catch_line":"Partial exemption for certain rehabilitated, renovated or replacement residential structures","url":"\/58.1-3220\/","token":"58.1\/III\/32\/3\/58.1-3220"},"next_section":{"id":"790887","structure_id":"2591","section_number":"58.1-3220.1","catch_line":"Partial exemption for certain rehabilitated, renovated or replacement hotel or motel structures","url":"\/58.1-3220.1\/","token":"58.1\/III\/32\/3\/58.1-3220.1"},"references":false,"formats":{"txt":"\/58.1-3220.01.txt","json":"\/58.1-3220.01.json","xml":"\/58.1-3220.01.xml"},"dublin_core":{"Title":"Local real property tax credits on certain rehabilitated, renovated or replacement residential structures","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-3220.01","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nLOCAL REAL PROPERTY TAX CREDITS ON CERTAIN REHABILITATED, RENOVATED OR\nREPLACEMENT RESIDENTIAL STRUCTURES (\u00a7 58.1-3220.01)\n\nA. The governing body of any county, city or town may, by ordinance, provide for\na local real property tax credit equal to certain property tax liens owed on\nreal estate on which any structure or other improvement no less than fifteen\nyears of age has undergone substantial rehabilitation, renovation or replacement\nfor residential use, subject to such conditions as the ordinance may prescribe.\nThe credit shall be used by the owner of the property which has the real\nproperty tax liens and can be used to offset real property taxes assessed\nagainst such property. The governing body of a county, city or town may\nestablish criteria for determining whether real estate qualifies for the credit\nauthorized by this provision and may require such structures to be older than\nfifteen years of age, or place such other restrictions and conditions on such\nproperty as may be prescribed by ordinance. Such ordinance may also provide for\na credit for multifamily residential units which have been substantially\nrehabilitated by replacement for multifamily use. Such replacement structures\nmay exceed the total square footage of the replaced structures by no more than\nthirty percent.\n\nB. The local tax credit shall be available only to those property owners who\nhave purchased a structure which at the time of purchase contained property tax\nliens exceeding fifty percent of the assessed value of the property. The tax\ncredit granted by the locality shall not exceed the amount by which the property\ntax liens exceeded fifty percent of the assessed value of the property at the\ntime of purchase. The credit may be applied upon completion of the\nrehabilitation, renovation or replacement or on January 1 of the year following\ncompletion of the rehabilitation, renovation or replacement and may be divided\nover a period of no longer than ten years.\n\nC. The governing body of any county, city or town may assess a fee not to exceed\none hundred twenty-five dollars for residential properties, or two hundred fifty\ndollars for commercial, industrial, and\/or apartment properties of six units or\nmore for processing an application requesting the credit provided by this\nsection. No property shall be eligible for such credit unless the appropriate\nbuilding permits have been acquired and the commissioner of the revenue or\nassessing officer has verified that the rehabilitation, renovation or\nreplacement indicated on the application has been completed.\n\nD. Where rehabilitation is achieved through demolition and replacement of an\nexisting structure, the credit shall not apply when any structure demolished is\na registered Virginia landmark or is determined by the Department of Historic\nResources to contribute to the significance of a registered historic district.\n\nHISTORY: 1996, c. 765; 2001, c. 489."}