33.1-415 - Annual special improvements tax; use of revenues.
§ 33.1-415. Annual special improvements tax; use of revenues.
Upon the written request of the commission made concurrently to the localgoverning body or bodies pursuant to this chapter, each local governing bodymay levy and collect an annual special improvements tax on taxable realestate zoned for commercial or industrial use or used for such purposes andtaxable leasehold interests in that portion of the improvement districtwithin 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 onthe assessed fair market value of the taxable real property. The rate of thespecial improvements tax shall not be more than $.20 per $100 of the assessedfair market value of any taxable real estate or the assessable value oftaxable leasehold property as specified by § 58.1-3203; however, if all theowners in any district so request in writing, this limitation on rate shallnot apply. Such special improvements taxes shall be collected at the sametime and in the same manner as the locality's taxes are collected, and theproceeds shall be kept in a separate account. The effective date of theinitial assessment shall be January 1 of the year following adoption of theresolution creating the district. All revenues received by each localitypursuant to such taxes shall be paid to or at the direction of the districtcommission for its use pursuant to this chapter.
(1993, c. 395.)