Virginia Code 58.1-3245.6: Definitions.
As used in this article, unless the context clearly shows otherwise, the term or phrase:
Terms Used In Virginia Code 58.1-3245.6
- Base assessed value: means the assessed value of real estate or machinery and tools within a local enterprise zone as shown upon the records of the local assessing officer on January 1 of the year preceding the effective date of the ordinance establishing the local enterprise zone development taxation. See Virginia Code 58.1-3245.6
- Current assessed value: means the annual assessed value of real estate or machinery and tools in a local enterprise zone as shown upon the records of the local assessing officer. See Virginia Code 58.1-3245.6
- Enterprise zone: means an area designated by the Governor as an enterprise zone pursuant to Chapter 49 of Title 59. See Virginia Code 58.1-3245.6
- Local enterprise zone: means an enterprise zone designated as a local enterprise zone by an ordinance adopted pursuant to § Virginia Code 58.1-3245.6
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
“Base assessed value” means the assessed value of real estate or machinery and tools within a local enterprise zone as shown upon the records of the local assessing officer on January 1 of the year preceding the effective date of the ordinance establishing the local enterprise zone development taxation.
“Current assessed value” means the annual assessed value of real estate or machinery and tools in a local enterprise zone as shown upon the records of the local assessing officer.
“Enterprise zone” means an area designated by the Governor as an enterprise zone pursuant to Chapter 49 of Title 59.1.
“Local enterprise zone” means an enterprise zone designated as a local enterprise zone by an ordinance adopted pursuant to § 58.1-3245.8.
“Tax increment” means all or a portion of the amount by which the current assessed value of real estate or machinery and tools, or both, in a local enterprise zone exceeds the base assessed value.