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
Tuesday, 6 September 2011
Richmond Rehab Tax Abatement Credits available to real estate owners for structures significantly damaged (20% or more of value) due to Hurricane Irene
Richmond Office of the Assessor of Real Estate visiting neighborhoods and assessing real estate damage: Owners must have property assessed before repairs are done
WHAT The Richmond City Council Office of the Assessor of Real Estate has 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 been contacted. Those owners who have not been contacted and are interested in finding out if the damages to their property may qualify, are asked 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.
Property owners must apply to the Richmond City Council Office of the Assessor of Real Estate and have the property assessed before repairs are done. The application is attached and assessors are standing by to perform on-site assessments of damages.
WHEN Immediately
WHERE Assessments to be done on-site
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.
- E N D -