                                 CODE OF VIRGINIA

ANNUAL SPECIAL IMPROVEMENTS TAX; USE OF REVENUES (§ 15.2-4607)

Upon the written request of the district commission made concurrently to both
boards of supervisors pursuant to subdivision 8 of § 15.2-4606, each board of
supervisors may levy and collect an annual special improvements tax on taxable
real estate zoned for commercial or industrial use or used for such purposes and
taxable leasehold interests in that portion of the improvement district within
its jurisdiction. Notwithstanding the provisions of Article 4 (§ 58.1-3229 et
seq.) of Chapter 32 of Title 58.1, the tax shall be levied upon the assessed
fair market value of the taxable real property. The rate of the special
improvements tax shall not be more than $0.20 per $100 of the assessed fair
market value of any taxable real estate or the assessable value of taxable
leasehold property as specified by § 58.1-3203. Such special improvement taxes
shall be collected at the same time and in the same manner as county taxes are
collected, and the proceeds shall be kept in a separate account. The effective
date of the initial assessment shall be January 1 of the year following adoption
of the resolution creating and establishing the district. All revenues received
by each county pursuant to such taxes shall be paid to or at the direction of
the district commission for its use pursuant to §§ 15.2-4606 and 15.2-4608.

HISTORY: 1997, c. 587.