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 Lynchburg
 Code of Ordinances
 Chapter 36. TAX CODE
 Article IV. ASSESSMENT AND COLLECTION

  § 36-177.2. Partial exemption for structures in redevelopment or conservation areas or rehabilitation districts or arts and cultural districts.  

Latest version.

  • (a)

    It is hereby declared to be the purpose of this section to authorize a partial exemption from real property taxes for new structures that are constructed within the city's designated redevelopment or conservation areas, or rehabilitation districts, or arts and cultural districts.

    (b)

    For definitions of the terms used in this section, see section 36-177, subsections (a)1—7, (b)1—3, (c), (d), (e)1—15, (f) of the City Code.

    (c)

    The partial exemption from real property taxes provided by this section shall be for new structures located in a redevelopment or conservation area, or rehabilitation district, or arts and cultural district; as delineated on the city's map for in-fill areas.

    (d)

    The partial exemption from real property taxes provided by this section shall be for an amount of 50 percent of the cost of such construction, as determined by the city assessor. The exemption will commence upon July 1st of the year following completion of the new construction and shall run with the real estate for a period of ten years for residential improvements, eight years for multi-family improvements, and ten years for commercial or industrial improvements.

    (e)

    The 50 percent exemption for new improvements (residential, multi-family, commercial and industrial) shall be reduced by 25 percent per year over the last three years of the exemption period.

    (f)

    The city assessor will provide written notification to the property owner of the amount of the assessment of the property that will be exempt from real property taxation and the period of such exemption. The exempt amount shall not be reduced by the city assessor during the period of the exemption, unless the city assessor by written notice advised the property owner at the initial time of approval of the exemption that the exempt amount may be decreased during the period of such exemption. In no event, however, shall such partial exemption result in totally exempting the value of the structure.

    (g)

    Nothing in this section shall be construed so as to permit the city assessor to list upon the land book any reduced value due to the exemption provided by this section.

    (h)

    There is hereby assessed a fee of $125.00 for residential properties, and $250.00 for commercial, industrial, and/or apartment properties of five units or more, for processing an application requesting the exemption provided by this section. No property shall be eligible for such exemption unless the appropriate building permits have been acquired and the city assessor has verified that the new structures have been completed.

    (i)

    Where the construction of a new structure is achieved through demolition and replacement of an existing structure, the exemption provided in section shall not apply when any structure that is demolished is a registered Virginia landmark or is determined by the Virginia Department of Historic Resources to contribute to the significance of a registered historic district.

    (Ord. No. O-18-005 , § 1, 1-9-18)

(Ord. No. O-18-005 , § 1, 1-9-18)