Certain real property within the Town of Shenandoah
shall be partially exempt from real estate taxes by the County of
Page, Virginia, upon the following terms and conditions:
A.
The partial exemption shall apply only to rehabilitated,
renovated or replaced commercial, industrial and residential structures,
and such exemption shall be in effect for a period of 10 years.
B.
The partial exemption shall only apply to commercial
or industrial structures that are not less than 20 years old, to residential
structures that are not less than 15 years old, or where the commercial
or industrial structures have been substantially rehabilitated by
complete replacement for commercial or industrial use and where the
total square footage of the replacement structure does not exceed
15% of the total square footage of the replaced structure, and where
said structures are located in the First Street District, which boundaries
are: First Street between Maryland Avenue and Railroad Avenue; Railroad
Avenue between First Street and Second Street; Maryland Avenue between
the Norfolk Southern railroad underpass to Second Street; Pennsylvania
Avenue between First Street and Second Street; Virginia Avenue between
First Street and Third Street; and Second Street from Maryland Avenue
to Railroad Avenue.
C.
The amount of the exemption shall not exceed 40% of
the cost of such rehabilitation, renovation or replacement.
D.
The exemption shall commence on January 1 of the year
following the rehabilitation, renovation or replacement and shall
run with the real estate for a period of no longer than 10 years.
E.
Nothing in this section shall be construed as to permit
the Commissioner of the Revenue to list upon the land books any reduced
value due to the exemption herein provided.
F.
No property shall be eligible for such exemption unless
the appropriate permits, including building and demolition permits,
have been obtained and the Commissioner of the Revenue or assessing
officer has verified that the rehabilitation, renovation, or replacement
indicated on the application has been completed.
G.
Where rehabilitation is achieved through demolition
and replacement of an existing structure, the exemption shall not
apply when any structure demolished is a registered Virginia landmark
or is determined by the Department of Historic Resources to contribute
to the significance of a registered historic landmark.
