58.1-3221.4 - Classification of improvements to real property designed and used primarily for the manufacture of a renewable energy product for tax purposes. - Virginia Statutes

§ 58.1-3221.4. Classification of improvements to real property designed andused primarily for the manufacture of a renewable energy product for taxpurposes.

Improvements to real property designed and used primarily for the purpose ofmanufacturing a product from renewable energy, as defined in § 56-576, arehereby declared to be a separate class of property and shall constitute aclassification for local taxation separate from other classifications of realproperty. The governing body of any county, city, or town may, by ordinance,levy a tax on the value of such improvements at a different rate from that oftax levied on other real property. The rate of tax imposed by any county,city, or town on such improvements shall not exceed that applicable to thegeneral class of real property.

(2010, cc. 264, 849.)