Legislation # 05-0637 Enactment Number none
Type Ordinance - Coded Effective Date none
Introduction Date 10/26/2005
Title Ordinance to amend and re-enact section 37-96 of the Code of the City of Hampton, Virginia, pertaining to the “exemption of rehabilitated commercial or industrial real estate”.
 
Legislation History 05-0637
DateNotice Of ActionDescription
11/9/2005 Adopted on Second and Final Reading
10/26/2005 Adopted on First Reading
10/11/2005 Received By Clerk's Office
 
View Attachments 05-0637
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Legislation Text 05-0637

 

City of Hampton, Virginia

Ordinance - Coded

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 05-0637

 

Enactment Number: -

 

Ordinance to amend and re-enact section 37-96 of the Code of the City of Hampton, Virginia, pertaining to the exemption of rehabilitated commercial or industrial real estate.

 

BE IT ORDAINED, by the Council of the City of Hampton, Virginia, that the Code of Hampton, Virginia, be amended and re-enacted as follows:

 

Sec. 37-96. Authorized.

 

There is hereby provided an exemption from taxation of real estate, which has been substantially rehabilitated for commercial or industrial use. For the purposes of this section, any real estate shall be deemed to have been substantially rehabilitated when a structure, which is no less than twenty-five (25) years of age or fifteen (15) years of age if located in the Citys designated enterprise zones, has been so improved as to increase the assessed value of the structure by no less than sixty percent (60%), without increasing the total square footage of the structure by more than twenty-five percent (25%).

 

This Ordinance shall take effect on or after November 1, 2005.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on November 9, 2005.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council