[Adopted 6-4-1996]
A partial exemption of real estate taxes for
a period of 10 years shall be provided for the substantial rehabilitation
of any structure 50 years or older within any area designated as an
historic zoning district by the Town of Front Royal or the County
of Warren or to a structure which is listed on the National Register
of Historic Places or the Virginia Landmarks Register. For the purposes
herein, substantial rehabilitation shall involve an investment of
at least 40% of the prerehabilitated assessed value of the structure.
The partial exemption shall be equal to the
increase in assessed value resulting from the rehabilitation. Rehabilitations
cannot replace the original structure. Increases in total square footage
may be permitted up to a maximum of 15% of the original structure.
The exemption shall commence on January 1 of
the year following completion of the rehabilitation and shall run
with the real estate for a period of 10 years. An increase in an assessment
occurring after the first year of the exemption shall not result in
an increase in the exemption.
No property shall be eligible for such exemption
unless the appropriate certificate of appropriateness and building
and occupancy permits have been acquired and the Commissioner of Revenue
has verified that the rehabilitation indicated on the application
has been completed. Such rehabilitation shall be completed within
two years of issuance of the building permit for the work. The Board
of Supervisors, upon the recommendation of the Commissioner of Revenue,
may extend the deadline for completion of the rehabilitation for up
to two additional years if the Board determines reasonable progress
has been made toward completion of the project.
An application for such a partial exemption
must be made to the Commissioner of Revenue on such forms as may be
designated by the Commissioner of Revenue. An application fee of $25
shall be required to be paid to the County prior to the processing
of such application.
