                                 CODE OF VIRGINIA

ANNUAL SPECIAL IMPROVEMENT TAX; USE OF REVENUES (§ 15.2-4806)

Upon the written request of the district commission made to the boards of
supervisors pursuant to subdivision 9 of § 15.2-4805, the board of supervisors
may levy and collect an annual special improvements tax on all taxable real
property that (i) is zoned for commercial or industrial use or used for such
purposes or (ii) was unimproved at the time the district was created, regardless
of zoning. 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 improvements 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. All revenues received by a county
pursuant to such taxes shall be paid over to the district commission for its use
pursuant to this article.

HISTORY: 1997, c. 587.