§ 26-333. Tax reduction for derelict buildings.  


Latest version.
  • (a)

    Prior to commencement of an approved plan to demolish or renovate a derelict building submitted in accordance with Section 5-149, at the request of the property owner, the City Assessor shall make an assessment of the property in its current derelict condition. On the building permit application, the owner shall declare the costs of demolition or the costs of materials and labor to complete the renovation.

    (b)

    After demolition of a derelict building in accordance with a plan submitted in accordance with Section 5-149, at the request of the property owner of such building, the City Assessor shall reflect the fair market value of the demolition costs, and reflect such value in the real estate tax assessment records.

    (c)

    After renovation of a derelict building in accordance with a plan submitted in accordance with Section 5-149, at the request of the property owner of such building, the City Assessor shall reflect the fair market value of the renovation improvements, and reflect such value in the real estate tax assessment records.

    (d)

    The real estate tax on an amount equal to the costs of demolition or an amount equal to the increase in the fair market value of the renovations shall be reduced for a period of five years, and such reduction shall run with the real estate. The reduction of taxes for demolition shall not apply if the structure demolished is a registered Virginia landmark or is determined by the Department of Historic Resources to contribute to the significance of a registered historic district.

    (Code 2004, § 98-99; Ord. No. 2013-15-18, § 2, 2-25-2013)

(Code 2004, § 98-99; Ord. No. 2013-15-18, § 2, 2-25-2013)