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To amend City Code ?? 26-401, concerning the amount of exemption for rehabilitated residential or multifamily qualified structures, and 26-404, concerning that amount of exemption for rehabilitated commercial or industrial qualified structures, for the purpose of reducing the exemption period for rehabilitated residential and multifamily qualified structures from ten years to five years; reducing the exemption period for rehabilitated commercial and industrial qualified structures outside of an Enterprise Zone from seven years to three years; reducing the exemption period for rehabilitated commercial and industrial qualified structures within an Enterprise Zone from ten years to five years; and removing the provision allowing a partial tax exemption for renovated residential or multifamily real estate exceeding the square footage limitations set forth in City Code ? 26-399.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That sections 26-401 and 26-404 of the Code of the City of Richmond (2015) be and are hereby amended and reordained as follows:
Sec. 26-401. Amount of exemption for rehabilitated residential or multifamily qualified structures.
Except as provided in Section 26-400 with regard to a property for which an additional application has been approved for partial exemption, the owner of property qualifying for partial exemption of real estate taxes because of rehabilitation of a residential or multifamily structure, or other improvement, shall receive a credit in the amount of the difference in taxes computed upon the base value and the initial rehabilitated assessed value of the property for each year of a [seven-year] five-year period of exemption in the full amount of the difference in taxes computed upon the base value and the initial rehabilitated assessed value of the property [and for the three-year period following the initial seven years, a credit for 75 percent in year eight, 50 percent in year nine and 25 percent in year t...
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