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(Please keep for your records)
A summary of the requirements and criteria to qualify for this incentive are set forth below.
1.
Property must be located in the Enterprise Zone, and if residential property, outside the Historic
District.
Where rehabilitation is achieved through demolition or replacement of an existing structure,
the incentive
shall not apply when any structure demolished is a registered Virginia landmark; or is
determined by the
state department of conservation and historic resources to contribute to the
significance of a registered
historic district; or is a local, state, and/or federally designated historic
structure.
2.
Existing structure must be no less than fifteen (15) years old.
3.
Improved Value Requirement
a.
RESIDENTIAL (SINGLE OR MULTI-FAMILY): The structure must be improved as to increase
the
assessed value by no less than forty percent (40%)
b.
COMMERCIAL/INDUSTRIAL: The structure must be so improved as to increase the
assessed value by no less than forty percent (40%)
4.
Square Footage Requirement: If the total square footage of the rehabilitated, replaced or renovated
structure exceeds that the original structure by more than one hundred percent (100%), the excess above
100%
shall not be entitled to the exemption. In the event of complete replacement, the qualifying increase
in
square footage shall be no more than 200% of the original square footage.
5.
No property shall be eligible, unless the appropriate building permits have been acquired. Application
for
incentive must be filed before such work has begun.
GENERAL INFORMATION:
1.
File the application with the Commissioner of the Revenue, City Hall, accompanied by a twenty dollar
($20.00) application fee, payable to "City of Winchester".
2.
Upon receipt of the application, the property will be inspected by the Commissioner of the Revenue to
determine the base assessed value prior to commencement of rehabilitation. The base value will
generally
coincide with the assessed value effective the year application is made. An increased
assessment due to a
change in value (e.g. reassessment) will not affect the amount of exemption.
3.
Upon completion of the rehabilitation, and within 30 days following final inspection by the City Building
Official, the owner shall submit a written request to the Commissioner of the Revenue to make a final
assessment to determine qualification for the rehabilitated property incentive.
4.
This application is considered to have expired if the request for final assessment is not made within
two (2)
years of the date of initial assessment. If the property does not meet the requirements for
incentive
by the
expiration date of the application, the request for incentive will be denied.
A new application may be filed
and a new base value established. Note: The new base value will
include all value increased during the
previous application.
5.
For the partial exemption incentive, the exemption shall run with the qualifying property. The exemption
commences on
January 1 of the year following completion and approval.
6.
For additional information, please contact the Economic Development Office or the Office of the
Commissioner of the Revenue.
