Thursday, September 15, 2011

Richmond City Council Office of the Assessor of Real Estate has temporarily modified Richmond Rehab Tax Abatement Credits procedures to allow Photos a

RICHMOND CITY COUNCIL
Richmond City Council – Richmond City Hall - 900 E. Broad Street, Suite 200 - Richmond, VA 23219 - www.council.richmondva.gov

COUNCIL PUBLIC INFORMATION NEWS ADVISORY
IMMEDIATE RELEASE TO BE FORWARDED AND SHARED
Thursday, 15 September 2011

Richmond City Council Office of the Assessor of Real Estate has temporarily modified Richmond Rehab Tax Abatement Credits procedures to allow Photos and/or insurance reports of hurricane damage to be used when applying: For real estate structures significantly damaged (20% or more of value) due to Hurricane Irene

Deadline for use of photos and/or insurance reports is October 31, 2011

WHAT In order to further assist Richmond property owners, the Richmond City Council Office of the Assessor of Real Estate has temporarily modified its administrative procedures to allow Richmond applicants to submit supporting documentation such as photographs and insurance reports of damages caused by Hurricane Irene. These can be provided is in lieu of a prior inspection of a property needing to be done before rehab work can start for those applying for Richmond Rehabilitation Tax Abatement Credits.

This is a temporary modification of the procedure that requires properties to be assessed before repairs are done.

The credits are applicable for Richmond real estate structures that sustained significant damages due to Hurricane Irene that resulted in a devaluation of 20 percent or more of the beginning value of the structure before the storm.

This temporary modification will be available now until October 31, 2011.

The Richmond City Council Office of the Assessor of Real Estate has also sent a team of real estate assessors across Richmond to every neighborhood to help evaluate real estate property damages in the city and identify those properties that may qualify for Richmond Rehabilitation Tax Abatement Credits.

For those real estate properties that qualify, the increase in real estate market value caused by rehabilitation/replacement will be credited from taxable real estate assessments for up to ten years. The credit is the difference between the real estate value before the repair work is done and after it is completed.

Many Richmond real estate owners have already been contacted. Those owners who have not been contacted and are interested in finding out if the damages to their property may qualify, are invited to contact the Richmond City Council Office of the Assessor of Real Estate, by calling 804.646.7500; or, visiting the website, at www.richmondgov.com/Assessor/RehabilitationOverview.aspx

Some qualifications include:

• Structure has to be 20 or more years old
• Application and assessment have to be made before repair work has started
• Repairs must increases the value of the damaged structure by 20 percent or more for a residential real estate
• Repairs must increases multifamily residential real estate by 40 percent or more.

WHEN Immediately

WHO Richmond City Council Office of the Assessor of Real Estate

CONTACT For more information, please contact the Richmond City Council Office of the Assessor of Real Estate, by calling 804.646.7500 or visiting its website, at http://www.richmondgov.com/Assessor/RehabilitationOverview.aspx or picking up an application in person; at: Richmond City Hall, Suite 110, 900 E. Broad, Street, Richmond, Virginia 23219.

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______________________________________
Steven R. Skinner, APR
Council Public Information Manager
RICHMOND CITY COUNCIL
OFFICE OF THE COUNCIL CHIEF OF STAFF
Richmond City Hall
900 E. Broad Street, Suite 305
Richmond, Virginia 23219
804.646.6052 (office)
804.335.4054 (mobile)
804.937.1386 (home/mobile)
804.646.5468 (fax)
steven.skinner@richmondgov.com (email)
www.council.richmondva.gov(website)
____________________________________________

MISSION The mission of Richmond City Council
is to represent citizens in creating and amending
local laws, providing government policy and
oversight, and approving the city budget.

VISION Richmond City Council is committed to
creating a vibrant community that is a great place
to live, work, learn, play, visit and raise a family.