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Incentive Program for the Rehabilitation of Commercial and Industrial
Properties
Incentive Program
Chesterfield County has adopted an ordinance granting a partial tax exemption
for certain rehabilitated, renovated or replaced commercial or industrial
structures. Upon approval, the partial exemption will be in effect for
five years and transfers with the real estate. The amount exempt from
tax will be based solely on the amount of increase in assessed value resulting
from the rehabilitation, renovation or replacement.
To Qualify
This program is available to property owners who rehabilitate or replace
an existing commercial or industrial structure meeting the following criteria:
- The structure must be no less than 25 years of age; or
- The structure may be 15 years of age if located in an enterprise
zone.
- The rehabilitation, renovation or replacement must increase the
assessed value by 15 percent or more.
The Process
The Department of Real Estate Assessments (DREA) will administer this
program as follows:
- Prior to beginning any rehabilitation, renovation or replacement,
the owner must apply for exemption on forms provided by DREA.
- A $50 application fee is required (no fee for enterprise zone) which
will be refunded upon completion of the project.
- DREA will inspect the property and determine the base value of the
structure, which shall be effective for two years from date of determination.
- Appropriate building permits must be applied for and issued by the
Building Inspector’s Office.
- All work must be completed and approved by Building Inspection, and
DREA must be notified in writing of such completion of work. At this
time, the building permit will be processed under normal procedures
and additional value will be supplemented and taxed effective as of
the date of completion.
- All increases in the assessed value during the time the rehabilitation,
renovation or replacement is being performed shall be taxable annually
until such time as all work has been completed and approved.
- In any year in which the market value of the qualified real estate
decreases below the base value, no credit or refund shall be provided.
How to Apply
Click here to access the application
in PDF format or contact the Assessor’s Office at (804) 748-1321.
(The material available for download is in PDF format. You can access
PDF formatted material by using the free Adobe®
Acrobat® Reader, available at http://www.adobe.com.)
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