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Posted on: June 13, 2019

Chesterfield Encourages Investment in Older Buildings with Rehabilitation Tax Exemption

Clip art graphic of a boarded up building sitting beside a newly renovated one

Date: June 13, 2019

Community Enhancement 

For home and business owners who are planning a rehabilitation, renovation or replacement project, filling out a short application could help them tap into a tax break.

Real estate incentive programs aren’t new to Chesterfield County, but a fully electronic application that takes only minutes to complete and submit has made the process faster and more user friendly. Established in 1996 for residential property and in 1997 for commercial, industrial and historic properties, and improved in 2016, the program is available to property owners who rehabilitate, renovate or replace eligible structures.

"The county has worked hard to improve our existing rehabilitation tax exemption program, which seeks to revitalize aging areas countywide by encouraging property owners to improve or replace older buildings,” said Carl Schlaudt, revitalization manager for Chesterfield County. “Increasing the assessed value of a property by rehabilitating, renovating, or replacing an older building could earn property owners a tax break equal to the difference between the pre- and post-improvement assessed value.”

Buildings must be at least 25 years old for an owner to take advantage of the program, and the planned improvements must increase the assessed value by 10% for residential structures and 15% for other qualifying buildings. Typically qualifying projects include building additions, significant or substantial structural renovation and building replacement. An online calculator is available, so property owners can estimate their potential property tax savings.

Once a tax exemption has been approved, it is attached to the land and conveys when the property is sold. Residential benefits remain in place for 15 years. Other structures receive a seven-year benefit.

There is no fee for the program. To learn more about rehabilitation tax exemptions and find out if your project is eligible, contact the Department of Community Enhancement at 804-748-1500 or visit https://www.chesterfield.gov/4437/Rehabilitation-Tax-Exemption-new.

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