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REHABILITATION EXEMPTIONS
GENERAL GUIDELINES

 

CITY-WIDE

The building must be at least 40 years old.

Residential rehabilitation must increase the base assessed value by at least 40%, with less than 15% structural addition.

Commercial and industrial rehabilitation must increase the base assessed value by at least 60%, with less than 15% structural addition.

The owner or agent must file application, along with the $50.00 application fee, with the City Assessor within 10 days after obtaining building permits to perform the rehabilitation. (Important: Please make check payable to City of Portsmouth.)

The exemption period is 5 years.

The amount to be exempted is determined each year by the City Assessor, based on a comparison of the previous and current years’ assessments.

EXCEPTIONS FOR ENTERPRISE AND EMPOWERMENT ZONES

Commercial or industrial building must be at least 25 years old.

The exemption period is 10 years.

Residential properties in these zones are under the city-wide guidelines.

 
City of Portsmouth, Virginia - All rights reserved.

last updated October, 2003