33.1-435 - Annual special improvements tax; use of revenues.

§ 33.1-435. Annual special improvements tax; use of revenues.

Upon the written request of the commission made to the governing body, thegoverning body may levy and collect an annual special improvements tax ontaxable real estate zoned for commercial or industrial use or used for suchpurposes and taxable leasehold interests in that portion of the improvementdistrict within its jurisdiction. For the purposes of this chapter, realproperty that is zoned to permit multiunit residential use but not yet usedfor that purpose and multiunit residential real property that is primarilyleased or rented to residential tenants or other occupants by an owner who isengaged in such a business shall be deemed to be property in commercial useand therefore subject to the special improvements tax authorized by thissection. Notwithstanding the provisions of Article 4 (§ 58.1-3229 et seq.) ofChapter 32 of Title 58.1, the tax shall be levied on the assessed fair marketvalue of the taxable real property. The rate of the special improvements taxshall not be more than $.40 per $100 of the assessed fair market value of anytaxable real estate or the assessable value of taxable leasehold property asspecified by § 58.1-3203; however, if all the owners in any district sorequest in writing, this limitation on rate shall not apply. Such specialimprovements taxes shall be collected at the same time and in the same manneras the county's taxes are collected, and the proceeds shall be kept in aseparate account. The effective date of the initial levy shall be, at thediscretion of the governing body, either (i) January 1 of the year followingadoption of the resolution creating the district or (ii) on a prorated basisfor the period from the date when the special improvements tax was firstimposed through the remainder of the year. All revenues received by thecounty pursuant to such taxes shall be paid to or at the direction of thedistrict commission for its use pursuant to this chapter. All revenuesgenerated from the annual special improvements taxes levied by the governingbody pursuant to this section shall be deemed to be contributions of thatgoverning body in any transportation cost-sharing formula.

(2001, c. 611; 2004, c. 792.)