§ 33.1-453. Annual special improvements tax; use of revenues
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 when combined with all other special taxes in the Code of any kind imposed on land within the district, shall not be more than $.25 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'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.
(2004, c. 966.)
Sections: Previous 33.1-447 33.1-448 33.1-449 33.1-450 33.1-451 33.1-452 33.1-453 33.1-454 33.1-455 33.1-456 33.1-457 33.1-458 33.1-459 33.1-460 33.1-461 NextLast modified: April 16, 2009