58.1-3664 - Environmental restoration sites. - Virginia Statutes

§ 58.1-3664. Environmental restoration sites.

Environmental restoration sites, as defined herein, are hereby declared to bea separate class of property and shall constitute a classification for localtaxation separate from other such classification of real property. Thegoverning body of any county, city or town may, by ordinance, exempt orpartially exempt such property from local taxation annually for a period notin excess of five years.

"Environmental restoration site" means real estate which contains or didcontain environmental contamination from the release of hazardous substances,hazardous wastes, solid waste or petroleum, the restoration of which wouldabate or prevent pollution to the atmosphere or waters of the Commonwealthand which (i) is subject to voluntary remediation pursuant to § 10.1-1232 and(ii) receives a certificate of continued eligibility from the Virginia WasteManagement Board during each year which it qualifies for the tax treatmentdescribed in this section.

(1997, c. 849.)