                                 CODE OF VIRGINIA

DEFINITIONS (§ 58.1-3245.6)

As used in this article, unless the context clearly shows otherwise, the term or
phrase:
		&#8220;Base assessed value&#8221; means the assessed value of real estate or
machinery and tools within a local enterprise zone as shown upon the records of
the local assessing officer on January 1 of the year preceding the effective
date of the ordinance establishing the local enterprise zone development
taxation.
		&#8220;Current assessed value&#8221; means the annual assessed value of real
estate or machinery and tools in a local enterprise zone as shown upon the
records of the local assessing officer.
		&#8220;Enterprise zone&#8221; means an area designated by the Governor as an
enterprise zone pursuant to Chapter 49 (§ 59.1-538 et seq.) of Title 59.1.
		&#8220;Local enterprise zone&#8221; means an enterprise zone designated as a
local enterprise zone by an ordinance adopted pursuant to § 58.1-3245.8.
		&#8220;Tax increment&#8221; means all or a portion of the amount by which the
current assessed value of real estate or machinery and tools, or both, in a
local enterprise zone exceeds the base assessed value.

HISTORY: 1997, c. 314; 2005, cc. 863, 884.