                                 CODE OF VIRGINIA

ANNUAL SPECIAL IMPROVEMENTS TAX; USE OF REVENUES (§ 33.2-2005)

Upon the written request of the commission made concurrently to the local
governing body or bodies pursuant to this chapter, each local governing body 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 on the assessed fair market value of the
taxable real property. The rate of the special improvements tax shall not be
more than 20 cents ($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; however, if all the owners in any district so request
in writing, this limitation on rate shall not apply. Such special improvements
taxes shall be collected at the same time and in the same manner as the
locality&#8217;s 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 the district. All
revenues received by each locality pursuant to such taxes shall be paid to or at
the direction of the district commission for its use pursuant to this chapter.

HISTORY: 1993, c. 395, § 33.1-415; 2014, c. 805.