{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-3245.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-3245.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-3245.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-3245.html"}],"law_id":64629,"edition_id":1,"section_id":64629,"structure_id":15489,"section_number":"58.1-3245","catch_line":"Definitions","history":"1988, c. 776; 1989, c. 418; 1990, c. 296; 1994, c. 667; 2018, c. 120.","full_text":"As used in this article, unless the context clearly shows otherwise, the term or phrase:\n\t\t“Base assessed value” means the assessed value of real estate within a development project area as shown upon the land book records of the local assessing officer on January 1 of the year preceding the effective date of the ordinance creating the development project area.\n\t\t“Blighted area” means any area within the borders of a development project area which impairs economic values and tax revenues, causes an increase in and spread of disease and crime, and is a menace to the health, safety, morals and welfare of the citizens of the Commonwealth; or any area which endangers the public health, safety and welfare because commercial, industrial and residential structures are subject to dilapidation, deterioration, obsolescence, inadequate ventilation, inadequate public utilities and violations of minimum health and safety standards; or any area previously designated as a blighted area pursuant to \u00a7 36-48; or any area adjacent to or in the immediate vicinity thereof which may be improved or enhanced in value by the placement of a proposed highway construction project.\n\t\t“Current assessed value” means the annual assessed value of real estate in a development project area as recorded on the land book records of the local assessing officer.\n\t\t“Development project area” means any area designated for development or redevelopment, including any area designated for a dredging project other than a dredging project for or by the Virginia Port Authority, unless the Virginia Port Authority has an agreement with a local governing body for local financial participation in such a project, in an ordinance passed by the local governing body.\n\t\t“Development project cost” has the same meaning as the term “cost” in the Public Finance Act (\u00a7 15.2-2600 et seq.) and, in the case of blighted areas, includes amounts paid to carry out the purposes described in \u00a7 144(c)(3) of the Internal Revenue Code of 1986, as amended.\n\t\t“Development project cost commitment” means a determination by the local governing body of payment of a sum specific of development project costs from the tax increment and other available funds in a development area.\n\t\t“Governing body” means the board of supervisors, council or other legislative body of any county, city or town.\n\t\t“Obligations” means bonds, general obligation bonds and revenue bonds as defined in \u00a7 15.2-2602 of the Public Finance Act (\u00a7 15.2-2600 et seq.), and any other form of indebtedness which the county, city or town may incur.\n\t\t“Tax increment” means the amount by which the current assessed value of real estate exceeds the base assessed value.","order_by":null,"text":{"0":{"id":235213,"text":"As used in this article, unless the context clearly shows otherwise, the term or phrase:\n\t\t“Base assessed value” means the assessed value of real estate within a development project area as shown upon the land book records of the local assessing officer on January 1 of the year preceding the effective date of the ordinance creating the development project area.\n\t\t“Blighted area” means any area within the borders of a development project area which impairs economic values and tax revenues, causes an increase in and spread of disease and crime, and is a menace to the health, safety, morals and welfare of the citizens of the Commonwealth; or any area which endangers the public health, safety and welfare because commercial, industrial and residential structures are subject to dilapidation, deterioration, obsolescence, inadequate ventilation, inadequate public utilities and violations of minimum health and safety standards; or any area previously designated as a blighted area pursuant to \u00a7 36-48; or any area adjacent to or in the immediate vicinity thereof which may be improved or enhanced in value by the placement of a proposed highway construction project.\n\t\t“Current assessed value” means the annual assessed value of real estate in a development project area as recorded on the land book records of the local assessing officer.\n\t\t“Development project area” means any area designated for development or redevelopment, including any area designated for a dredging project other than a dredging project for or by the Virginia Port Authority, unless the Virginia Port Authority has an agreement with a local governing body for local financial participation in such a project, in an ordinance passed by the local governing body.\n\t\t“Development project cost” has the same meaning as the term “cost” in the Public Finance Act (\u00a7 15.2-2600 et seq.) and, in the case of blighted areas, includes amounts paid to carry out the purposes described in \u00a7 144(c)(3) of the Internal Revenue Code of 1986, as amended.\n\t\t“Development project cost commitment” means a determination by the local governing body of payment of a sum specific of development project costs from the tax increment and other available funds in a development area.\n\t\t“Governing body” means the board of supervisors, council or other legislative body of any county, city or town.\n\t\t“Obligations” means bonds, general obligation bonds and revenue bonds as defined in \u00a7 15.2-2602 of the Public Finance Act (\u00a7 15.2-2600 et seq.), and any other form of indebtedness which the county, city or town may incur.\n\t\t“Tax increment” means the amount by which the current assessed value of real estate exceeds the base assessed value.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15489,"edition_id":1,"name":"Tax Increment Financing","identifier":"4.1","label":"article","depth":4,"order_by":1,"parent_id":12997,"metadata":{},"date_created":"2026-06-26 03:55:29","date_modified":"2026-06-26 03:55:29","permalink":{"id":257373,"object_type":"structure","relational_id":15489,"identifier":"4.1","token":"58.1\/III\/32\/4.1","url":"\/58.1\/III\/32\/4.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12997,"edition_id":1,"name":"Real Property Tax","identifier":"32","label":"chapter","depth":3,"order_by":1,"parent_id":12704,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":256887,"object_type":"structure","relational_id":12997,"identifier":"32","token":"58.1\/III\/32","url":"\/58.1\/III\/32\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12704,"edition_id":1,"name":"Local Taxes","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":256459,"object_type":"structure","relational_id":12704,"identifier":"III","token":"58.1\/III","url":"\/58.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64629,"structure_id":15489,"section_number":"58.1-3245","catch_line":"Definitions","url":"\/58.1-3245\/","token":"58.1\/III\/32\/4.1\/58.1-3245","metadata":false},{"id":79324,"structure_id":15489,"section_number":"58.1-3245.1","catch_line":"Blighted areas constitute public danger","url":"\/58.1-3245.1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.1","metadata":false},{"id":59024,"structure_id":15489,"section_number":"58.1-3245.2","catch_line":"Tax increment financing","url":"\/58.1-3245.2\/","token":"58.1\/III\/32\/4.1\/58.1-3245.2","metadata":false},{"id":60952,"structure_id":15489,"section_number":"58.1-3245.3","catch_line":"Copies of tax increment financing ordinance to local assessing officer and treasurer or director of finance","url":"\/58.1-3245.3\/","token":"58.1\/III\/32\/4.1\/58.1-3245.3","metadata":false},{"id":84670,"structure_id":15489,"section_number":"58.1-3245.4","catch_line":"Issuance of obligations for project costs","url":"\/58.1-3245.4\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4","metadata":false},{"id":69062,"structure_id":15489,"section_number":"58.1-3245.4:1","catch_line":"No annual debt limits for certain cities","url":"\/58.1-3245.4_1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.4_1","metadata":false},{"id":75051,"structure_id":15489,"section_number":"58.1-3245.5","catch_line":"Dissolving the Tax Increment Financing Fund","url":"\/58.1-3245.5\/","token":"58.1\/III\/32\/4.1\/58.1-3245.5","metadata":false}],"next_section":{"id":79324,"structure_id":15489,"section_number":"58.1-3245.1","catch_line":"Blighted areas constitute public danger","url":"\/58.1-3245.1\/","token":"58.1\/III\/32\/4.1\/58.1-3245.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-3245\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapter 776 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1988 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1989, chapter 418; in 1990, chapter 296; in 1994, chapter 667<\/a>; in 2018, chapter 120<\/a>.<\/p>","references":false,"refers_to":[{"id":82731,"section_number":"15.2-2600","catch_line":"Short title","order_by":null,"url":"\/15.2-2600\/"},{"id":81371,"section_number":"15.2-2602","catch_line":"Definitions","order_by":null,"url":"\/15.2-2602\/"},{"id":83284,"section_number":"36-48","catch_line":"Creation of Redevelopment Areas","order_by":null,"url":"\/36-48\/"}],"permalink":{"id":257375,"object_type":"law","relational_id":64629,"identifier":"58.1-3245","token":"58.1\/III\/32\/4.1\/58.1-3245","url":"\/58.1-3245\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-3245\/","token":"58.1\/III\/32\/4.1\/58.1-3245","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-3245","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context clearly shows otherwise, the term or phrase:\n\t\t“Base assessed value<\/span>” means the assessed value of real estate within a development project area<\/span> as shown upon the land book records of the local assessing officer on January 1 of the year preceding the effective date of the ordinance<\/span> creating the development project area<\/span>.\n\t\t“Blighted area<\/span>” means any area within the borders of a development project area<\/span> which impairs economic values and tax revenues, causes an increase in and spread of disease and crime<\/span>, and is a menace to the health, safety, morals and welfare of the citizens of the Commonwealth; or any area which endangers the public health, safety and welfare because commercial, industrial and residential structures are subject to dilapidation, deterioration, obsolescence, inadequate ventilation, inadequate public utilities and violations of minimum health and safety standards; or any area previously designated as a blighted area<\/span> pursuant to \u00a7 36-48<\/a>; or any area adjacent to or in the immediate vicinity thereof which may be improved or enhanced in value by the placement of a proposed highway construction project.\n\t\t“Current assessed value<\/span>” means the annual assessed value of real estate in a development project area<\/span> as recorded on the land book records of the local assessing officer.\n\t\t“Development project area<\/span>” means any area designated for development or redevelopment, including any area designated for a dredging project other than a dredging project for or by the Virginia Port Authority, unless the Virginia Port Authority has an agreement with a local governing body<\/span> for local financial participation in such a project, in an ordinance<\/span> passed by the local governing body<\/span>.\n\t\t“Development project cost<\/span>” has the same meaning as the term “cost” in the Public Finance Act (\u00a7 15.2-2600<\/a> et seq.) and, in the case of blighted areas<\/span>, includes amounts paid to carry out the purposes described in \u00a7 144(c)(3) of the Internal Revenue Code of 1986, as amended.\n\t\t“Development project cost<\/span> commitment<\/span>” means a determination by the local governing body<\/span> of payment of a sum specific of development project costs<\/span> from the tax increment<\/span> and other available funds in a development area.\n\t\t“Governing body<\/span>” means the board of supervisors, council or other legislative body of any county, city or town.\n\t\t“Obligations<\/span>” means bonds<\/span>, general obligation bonds<\/span> and revenue bonds<\/span> as defined in \u00a7 15.2-2602<\/a> of the Public Finance Act (\u00a7 15.2-2600<\/a> et seq.), and any other form of indebtedness which the county, city or town may incur.\n\t\t“Tax increment<\/span>” means the amount by which the current assessed value<\/span> of real estate exceeds the base assessed value<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 58.1-3245)\n\nAs used in this article, unless the context clearly shows otherwise, the term or\nphrase:\n\t\t“Base assessed value” means the assessed value of real estate\nwithin a development project area as shown upon the land book records of the\nlocal assessing officer on January 1 of the year preceding the effective date of\nthe ordinance creating the development project area.\n\t\t“Blighted area” means any area within the borders of a development\nproject area which impairs economic values and tax revenues, causes an increase\nin and spread of disease and crime, and is a menace to the health, safety,\nmorals and welfare of the citizens of the Commonwealth; or any area which\nendangers the public health, safety and welfare because commercial, industrial\nand residential structures are subject to dilapidation, deterioration,\nobsolescence, inadequate ventilation, inadequate public utilities and violations\nof minimum health and safety standards; or any area previously designated as a\nblighted area pursuant to \u00a7 36-48; or any area adjacent to or in the immediate\nvicinity thereof which may be improved or enhanced in value by the placement of\na proposed highway construction project.\n\t\t“Current assessed value” means the annual assessed value of real\nestate in a development project area as recorded on the land book records of the\nlocal assessing officer.\n\t\t“Development project area” means any area designated for\ndevelopment or redevelopment, including any area designated for a dredging\nproject other than a dredging project for or by the Virginia Port Authority,\nunless the Virginia Port Authority has an agreement with a local governing body\nfor local financial participation in such a project, in an ordinance passed by\nthe local governing body.\n\t\t“Development project cost” has the same meaning as the term\n“cost” in the Public Finance Act (\u00a7 15.2-2600 et seq.) and, in the\ncase of blighted areas, includes amounts paid to carry out the purposes\ndescribed in \u00a7 144(c)(3) of the Internal Revenue Code of 1986, as amended.\n\t\t“Development project cost commitment” means a determination by the\nlocal governing body of payment of a sum specific of development project costs\nfrom the tax increment and other available funds in a development area.\n\t\t“Governing body” means the board of supervisors, council or other\nlegislative body of any county, city or town.\n\t\t“Obligations” means bonds, general obligation bonds and revenue\nbonds as defined in \u00a7 15.2-2602 of the Public Finance Act (\u00a7 15.2-2600 et\nseq.), and any other form of indebtedness which the county, city or town may\nincur.\n\t\t“Tax increment” means the amount by which the current assessed\nvalue of real estate exceeds the base assessed value.\n\nHISTORY: 1988, c. 776; 1989, c. 418; 1990, c. 296; 1994, c. 667; 2018, c. 120.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}