Title
To repeal ch. 26, art. V, div. 3 (?? 26-397-26-408) of the City Code and to amend ch. 26, art. V, by adding there a new div. 3 (?? 26-408.1-26-408.11) for the purpose of modifying the requirements for the partial exemption of rehabilitated structures from real estate taxation.
Body
THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That Chapter 26, Article V, Division 3 of the Code of the City of Richmond (2015), consisting of sections numbered 26-397 through 26-408, be and are hereby repealed as follows:
[DIVISION 3
PARTIAL EXEMPTION OF REHABILITATED STRUCTURES FROM REAL ESTATE TAXATION
Sec. 26-397. Definitions.
The following words, terms and phrases, when used in this division, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:
Addition means an increase in the square footage of a qualified structure that expands the utility of such structure.
Base value means the assessed value of real estate for which an application has been filed in accordance with this division, as set forth in the land book on January 1 of the tax year in which such application is filed.
Commercial or industrial real estate means land containing a structure or other improvement constructed or used for nonresidential purposes in accordance with this Code and other applicable law or a mixed-use development.
Linear feet means the shortest distance from one point to another, measured horizontally in feet, where one foot is equal to 12 inches.
Mixed-use development means a structure or other improvement constructed for both residential and commercial uses where at least ten percent of the total square footage of such structure or other improvement is comprised of commercial space.
Multifamily residential real estate means land containing a structure or other improvement of five or more units constructed or used for residential purposes in accordance with this Code and other app...
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