                                 CODE OF VIRGINIA

ANNUAL SPECIAL IMPROVEMENTS TAX; USE OF REVENUES (§ 33.2-2105)

Upon the written request of the commission made to the governing body, the
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. For the purposes of this chapter, real
property that is zoned to permit multiunit residential use but not yet used for
that purpose and multiunit residential real property that is primarily leased or
rented to residential tenants or other occupants by an owner who is engaged in
such a business shall be deemed to be property in commercial use and therefore
subject to the special improvements tax authorized by this section.
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 40 cents ($0.40) 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
county&#8217;s taxes are collected, and the proceeds shall be kept in a separate
account. The effective date of the initial levy shall be, at the discretion of
the governing body, either (i) January 1 of the year following adoption of the
resolution creating the district or (ii) on a prorated basis for the period from
the date when the special improvements tax was first imposed through the
remainder of the year. All revenues received by the county pursuant to such
taxes shall be paid to or at the direction of the district commission for its
use pursuant to this chapter. All revenues generated from the annual special
improvements taxes levied by the governing body pursuant to this section shall
be deemed to be contributions of that governing body in any transportation
cost-sharing formula.

HISTORY: 2001, c. 611, § 33.1-435; 2004, c. 792; 2014, c. 805.