Amount of exemption; basis for taxes during construction.
Richmond, Va., City Code § 26-395
in effectSec. 26-395. - Amount of exemption; basis for taxes during construction.
(a) The amount of the partial exemption from real property taxation provided for by this division shall be an amount equal to the increase in assessed value resulting from the rehabilitation, renovation or replacement of a qualified structure for multifamily dwelling or single-family dwelling use as determined by the City Assessor. This amount only, on a fixed basis, shall constitute the exemption, notwithstanding subsequent market appreciation or depreciation, assessment, reassessment or future improvements. In no event shall the exemption exceed the increase in assessed value resulting from the rehabilitation, renovation or replacement of a qualified structure for multifamily dwelling or single-family dwelling use as determined by the City Assessor. The exemption shall commence on January 1 of the year following completion of the rehabilitation, renovation or replacement of a qualified structure for multifamily dwelling use and shall run with the real estate for 15 years.
(b) No partial exemption under this division shall be issued during the construction phase of the rehabilitation, renovation or replacement of a qualified structure for multifamily dwelling or single-family dwelling use. Prior to completion of the new structure or other improvements, taxes shall be based upon the full assessed value of the property when assessed.
(Code 2015, § 26-408.7; Code 2020, § 26-415; Ord. No. 2019-338, § 2(26-408.7), 1-27-2020; Ord. No. 2020-130, § 2, 6-22-2020)
Source: City of Richmond, Virginia, Code (2026 recodification) and Charter (Municode Library, library.municode.com)URL: https://library.municode.com/va/richmond/codes/code_of_ordinances?nodeId=PTIICICO_CH26TA_ARTVLECOPRTA_DIV3PAEXCERESTREESTA_S26-395AMEXBATADUCOFetched: 11/8/2026