58.1-3245.6 - Definitions.
§ 58.1-3245.6. Definitions.
As used in this article, unless the context clearly shows otherwise, the termor phrase:
"Base assessed value" means the assessed value of real estate or machineryand tools within a local enterprise zone as shown upon the records of thelocal assessing officer on January 1 of the year preceding the effective dateof the ordinance establishing the local enterprise zone development taxation.
"Current assessed value" means the annual assessed value of real estate ormachinery and tools in a local enterprise zone as shown upon the records ofthe local assessing officer.
"Enterprise zone" means an area designated by the Governor as an enterprisezone pursuant to Chapter 49 (§ 59.1-538 et seq.) of Title 59.1.
"Local enterprise zone" means an enterprise zone designated as a localenterprise zone by an ordinance adopted pursuant to § 58.1-3245.8.
"Tax increment" means all or a portion of the amount by which the currentassessed value of real estate or machinery and tools, or both, in a localenterprise zone exceeds the base assessed value.
(1997, c. 314; 2005, cc. 863, 884.)