Virginia Code 15.2-4607: Annual special improvements tax; use of revenues
Upon the written request of the district commission made concurrently to both boards of supervisors pursuant to subdivision 8 of § 15.2-4606, each board of supervisors 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 upon the assessed fair market value of the taxable real property. The rate of the special improvements tax shall not be more than $0.20 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. Such special improvement taxes shall be collected at the same time and in the same manner as county 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 and establishing the district. All revenues received by each county pursuant to such taxes shall be paid to or at the direction of the district commission for its use pursuant to §§ 15.2-4606 and 15.2-4608.
Terms Used In Virginia Code 15.2-4607
- Board of supervisors: means the governing body of a county. See Virginia Code 15.2-102
- Commission: means the governing body of the local district. See Virginia Code 15.2-4602
- County: means Arlington, Fairfax, Loudoun, and Prince William Counties. See Virginia Code 15.2-4602
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Revenues: means any or all fees, tolls, taxes, rents, notes, receipts, assessments, moneys, and income derived by the local district and includes any cash contributions or payments made to the local district by the Commonwealth or any agency, department, or political subdivision thereof or by any other source. See Virginia Code 15.2-4602
1997, c. 587.