36-170 - Incremental revenues appropriated to housing revitalization zone. - Virginia Statutes

§ 36-170. Incremental revenues appropriated to housing revitalization zone.

Any county, city, or town in which a housing revitalization zone is locatedshall, within ninety days of the designation of a housing revitalization zonewithin such county, city, or town, adopt an ordinance providing that all or aspecified percentage of the real estate taxes in such zone shall be assessed,collected, and allocated in the following manner:

1. The local assessing officer shall record in the appropriate books both thebase assessed value and the current assessed value of the real estate in thezone.

2. Real estate taxes attributable to the lower of the current assessed valueor base assessed value of real estate located in a housing revitalizationzone shall be allocated by the treasurer or director of finance as they wouldbe in the absence of such ordinance.

3. At least twenty-five percent of the increase in real estate taxesattributable to the difference between (i) the current assessed value of suchproperty and (ii) the base assessed value of such property shall beappropriated by the county, city, or town within such housing revitalizationzone to provide enhanced tax incentives, law-enforcement and othergovernmental services, including financing transportation projects, as may beappropriate to secure and to promote private investment in such zone. Forpurposes of determining such increase, additional revenues resulting from anincrease in the tax rate on real estate after the designation of such housingrevitalization zone shall not be included. Such ordinance shall provide thatthe appropriations mandated by this section shall be made for such increasein taxes in the county, city, or town's taxable year immediately followingthe payment of any grants under this chapter. If the grants authorized bythis section are not paid to qualified business firms or qualified owneroccupants for a particular calendar year, such county, city, or town shallnot be required to appropriate such increase in taxes in its immediatelyfollowing taxable year.

(2000, cc. 789, 795.)