PUBLIC HEARING: Partial Exemption from Real Estate Taxation for Certain Rehabilitated Commercial & Industrial Real Estate

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WYTHE COUNTY, Va. – The Wythe County Board of Supervisors is encouraging residents of the county to attend a public hearing that is scheduled for Tuesday, July 11, 2017, at 7:10 p.m, in order to discuss a proposed ordinance aimed at providing certain real estate tax incentives to landowners who rehabilitate +40 year old commercial or industrial structures located within Enterprise Zones in the county.

An example of how the proposed ordinance would work is as follows:
If an individual owns a structure valued at $1 million, but the landowner makes an additional $1 million worth of improvements to the structure, raising the value to $2 million, the landowner will only be taxed for the initial value of $1 million in the first year and 100% of the assessed improvements value will be waived. In year two, 80% of the improvements value will be waived. Year three: 60%, year four: 40%, year five: 20%, and in year six the landowner will be paying real estate taxes on the full assessed value.

The ordinance is aimed at encouraging investment and economic development in the locality, as well as providing incentives to individuals and companies to invest in Wythe County.

The full text of the ordinance may be found on the county’s official website, www.wytheco.org.

The public hearing will be held inside the Board Room of the Wythe County Office Building, 340 South Sixth Street, Wytheville, Virginia.

A map of the locations of Enterprise Zones in Wythe County may be found at the website of the Joint Industrial Development Authority of Wythe County: http://wytheida.org/why-wythe/enterprise-zone/

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