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The City of Petersburg participates, by local ordinance, in the Partial Exemption for Certain Rehabilitated Structures, as allowed under §58.1-3320 thru §58.1-3221 of the Code of Virginia. The city adopted this program in June 1980 with several subsequent revisions. The partial exemption provided under this program is equal to the increase in assessment above the predetermined base assessed value. Requirements of this program vary, depending on the location of the property:
Residential/Multi-family property outside the Urban Enterprise Zone
» Twenty dollar processing fee for each application (tax parcel)
» Structure must be at least 50 years of age
» Base value must be established before beginning work
» Appropriate building permits must have been acquired
» Total structure square footage cannot increase by more than 15%
» Rehabilitation must increase assessment by at least 40% over base value
» Exemption shall be limited to the first $500,000 of increased value
» The exemption, if approved, remains with the property for a period of five years
Commercial/Industrial property outside the Urban Enterprise Zone
» Twenty dollar processing fee for each application (tax parcel)
» Structure must be at least 50 years of age
» Base value must be established before beginning work
» Appropriate building permits must have been acquired
» Total structure square footage cannot increase by more than 15%
» Rehabilitation must increase assessment by at least 60% over base value
» Exemption shall be limited to the first $500,000 of increased value
» The exemption, if approved, remains with the property for a period of five years
Residential/Multi-family property inside the Urban Enterprise Zone
» Twenty dollar processing fee for each application (tax parcel)
» Structure must be at least 50 years of age
» Property must qualify under Urban Enterprise Zone guidelines
» Base value must be established before beginning work
» Appropriate building permits must have been acquired
» Total structure square footage cannot increase by more than 15%
» Rehabilitation must increase assessment by at least 40% over base value
» Exemption shall be limited to the first $2,000,000 of increased value
» The exemption, if approved, remains with the property for a period of ten years
Commercial/Industrial property inside the Urban Enterprise Zone
» Twenty dollar processing fee for each application (tax parcel)
» Structure must be at least 50 years of age
» Property must qualify under Urban Enterprise Zone guidelines
» Base value must be established before beginning work
» Appropriate building permits must have been acquired
» Total structure square footage cannot increase by more than 25%
» Rehabilitation must increase assessment by at least 60% over base value
» Exemption shall be limited to the first $2,000,000 of increased value
» The exemption, if approved, remains with the property for a period of ten years
Rehabilitated Real Estate Located in the Folly Castle Historic District
» Twenty dollar processing fee for each application (tax parcel)
» Structure must be at least 50 years of age
» Base value must be established before beginning work
» Appropriate building permits must have been acquired
» Total structure square footage cannot increase by more than 15%
» Rehabilitation must increase assessment by at least 40% over base value
» Exemption shall be limited to the first $6,000,000 of increased value
» The exemption, if approved, remains with the property for a period of ten years
For more information concerning the boundaries and registering for the Urban Enterprise Zone ( MAP ), contact the Department of Economic Development at (804) 733-2352.
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