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AN ORDINANCE TO AMEND AND REORDAIN CHAPTER 10 OF THE CODE OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, 1976, AS AMENDED, BY ADDING ARTICLE XV, CONTAINING SECTIONS NUMBERED 10-90 THROUGH 10-100, THE ADDED ARTICLE AND SECTIONS PERTAINING TO PARTIAL PROPERTY TAX EXEMPTIONS FOR CERTAIN REHABILITATED RESIDENTIAL, COMMERCIAL AND INDUSTRIAL PROPERTY. BE IT ORDAINED by the Council of the City of Charlottesville, Virginia: 1. That Chapter 10 of the Code of the City of Charlottesville, 1976, as amended, is further amended by adding Article XV, containing sections numbered 10-90 through 10-100, as follows: ARTICLE XV Tax Exemption For Rehabilitated Property Section 10-90. Declaration of exemption. Partial exemption from real estate taxes is hereby granted for qualifying rehabilitated residential, commercial or industrial property, subject to the limitations and conditions prescribed by this article and by state law. Section 10-91. Rehabilitated residential property. (a) For the purposes of this article, residential real estate, except certain multi -family residential rental property as provided in subsection (b), shall be deemed to have been substantially rehabilitated when a structure on said real estate, which is no less than twenty-five years old, has been so improved as to increase the assessed value of the structure by no less than forty per cent without increasing the total square footage of such structure by more than fifteen per cent. (b) For the purposes of this article, multi -family residential rental property consisting of five or more units shall be deemed to have been substantially rehabilitated when a structure on said real estate, which is no less than twenty-five years old, has been so improved as to increase the assessed value of the structure by no less than twenty per cent without increasing the total square • footage of such structure by more than fifteen per cent.