§ 58.1-3245.6 Definitions
As used in this article, unless the context clearly shows otherwise, the term or phrase: “Base assessed value” means the assessed value of real estate or machinery and tools within a local enterprise zone as shown upon the records of the local assessing officer on January 1 of the year preceding the effective date of the ordinance establishing the local enterprise zone development taxation. “Current assessed value” means the annual assessed value of real estate or machinery and tools in a local enterprise zone as shown upon the records of the local assessing officer. “Enterprise zone” means an area designated by the Governor as an enterprise zone pursuant to Chapter 49 (§ 59.1-538 et seq.) of Title 59.1. “Local enterprise zone” means an enterprise zone designated as a local enterprise zone by an ordinance adopted pursuant to § 58.1-3245.8. “Tax increment” means all or a portion of the amount by which the current assessed value of real estate or machinery and tools, or both, in a local enterprise zone exceeds the base assessed value.
History
This law was first created in 1997. The record of its establishment is cataloged in chapter 314 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2005, chapters 863 and 884.
1997, c. 314; 2005, cc. 863, 884.