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Real Estate Tax Abatement for Rehabilitated Commercial Structures

Real Estate Tax Abatement for Rehabilitated Commercial Structures

Newport News Department of Development

 

Neil A. Morgan, City Manager
Charles G. Young, SRA, City Assessor
Harold L. Roach, Director of Codes Compliance
Florence G. Kingston, Director of Development

 

Building new commercial buildings has become increasingly expensive in recent years.  Modernizing an older building may provide a lower cost alternative to new construction. 

Many older buildings are in areas of the city that are well served by the public infrastructure and public transportation.  Many of these buildings are also located in state-designated Enterprise Zones.

The Newport News City Council has enacted an ordinance to encourage commercial rehabilitation in the City by providing a five-year partial abatement of real estate taxes. 

How Does this Program Benefit You?

This ordinance provides for a reduction of the post-rehabilitation assessment of a qualifying property by fifty percent (50%) of the eligible rehabilitation costs.

This reduction assessment, which results in the abatement of real estate property taxes, lasts for five years after the rehabilitation is completed.  Or, if it is more beneficial to the property owner, for five years after the January 1st following the completion of the rehabilitation.

Do I Qualify?

What Costs are Eligible?

 

Eligible rehabilitation costs are the same as qualified zone improvements for the State Enterprise Zone Real Property Investment Grant.  Eligible rehabilitation costs include: exterior and interior construction, interior demolition, sitework and paving, landscaping, cleaning and clean up, and exterior repair.

Additional incentive:

If a property is located in an Enterprise Zone and if eligible rehabilitation costs are at least $100,000, you should apply for a Real Property Investment Enterprise Zone Grant by April 1st following the completion of the rehabilitation.

Application forms are available from the Department of Development and the Department of Codes Compliance and should be submitted to:

 

FLORENCE G. KINGSTON
DIRECTOR OF DEVELOPMENT
2400 Washington Avenue
Newport News, VA 23607
(757) 926-8428

For more information about this and other programs to benefit existing businesses contact:

 

Lauren Schultis, Economic Analyst
(757) 597-2840
or
Sam Workman, Assistant Director
(757) 926-8428

 

A summary of this document is available for download in PDF format by clicking here. If you do not have a PDF viewer (such as Adobe Acrobat Reader) installed on your computer, you may download it here.

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Contact Development
Department of Development
City of Newport News
2400 Washington Ave., 3rd Fl.
Newport News, Virginia  23607
Phone: (757) 926-8428
Toll Free: 1-800-274-8348
(1-800-A-Site-4U)
Fax: (757) 926-3504
Marketing:(757) 597-2840
Mktg. Fax:(757) 597-2845
Seafood Industrial Park  (757) 247-8437
Online Contacts: Contact Development Form (Email is not mandatory to use this form.)

     

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