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To amend City Code ?? 26-601, concerning definitions, 26-604, concerning application for partial exemption of rehabilitated commercial or industrial structures, or other improvements, and 26-605, concerning the amount of exemption for rehabilitated commercial or industrial qualified structures, for the purpose of clarifying that residential property is not eligible for the partial real estate tax exemption for rehabilitated commercial or industrial structures and to increase the time period to qualify for the partial real estate tax exemption from two to three years.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That sections 26-601, 26-604, and 26-605 of the Code of the City of Richmond (2020) be and are hereby amended and reordained as follows:
Sec. 26-601. 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 (i) for nonresidential purposes in accordance with this Code and other applicable law or (ii) as nonresidential components of a mixed-use development.
Enterprise zone means a Council-designated enterprise zone established pursuant to the Enterprise Zone Act, Code of Virginia, ? 59.1-279 et seq.
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 residentia...
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