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To amend City Code ? 26-582, concerning the eligibility of residential real property for the partial tax exemption from real property taxation, for the purpose of changing the requirement that eligible properties must have been vacant for at least two years to a requirement that eligible properties must not have had a building situated on such properties for at least two years.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That section 26-582 of the Code of the City of Richmond (2015) be and is hereby amended and reordained as follows:
Sec. 26-582. Eligibility of residential real property; annual renewal application.
(a) In order to qualify for the partial exemption from real property taxation for real property constructed for residential use, throughout the exemption period established by section 26-584(a), (1) the new structure must be (i) an owner occupied dwelling used as a single-family residential structure, (ii) rental property used as a single-family dwelling with a fully executed lease agreement containing a rent to buy option, (iii) a structure used as commercial space only on the street level and residential space, a minimum of 30 percent of which provides housing restricted to individuals or families making up to 60 percent of the area median income for the Richmond-Petersburg Metropolitan Statistical Area with a maximum rent, calculated annually, no greater than 30 percent of the income of any such individual or family, on the upper remaining levels or (iv) a multifamily dwelling, a minimum of 30 percent of which provides housing restricted to individuals or families making up to 60 percent of the area median income for the Richmond-Petersburg Metropolitan Statistical Area with a maximum rent, calculated annually, no greater than 30 percent of the income of any such individual or family; and (2) the other improvement, if any, must be designed for the accessory use of such new structure; improvements such as garages, sw...
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