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AN ORDINANCE TO AMEND AND RE -ORDAIN DIVISION 3 OF ARTICLE V OF CHAPTER 30 OF THE CODE OF THE CITY OF CHARLOTTESVILLLE (1990), AS AMENDED (REAL PROPERTY TAX EXEMPTIONS FOR REHABILITATED RESIDENTIAL STRUCTURES), TO MAKE SINGLE FAMILY STRUCTURES WITH ACCESSORY APARTMENTS ELIGIBLE FOR CERTAIN TAX EXEMPTIONS; TO MAKE PROPERTIES VALUED AT MORE THAN $350,000 INELIGIBLE FOR CERTAIN TAX EXEMPTIONS; TO EXTEND THE ORDINANCE'S SUNSET CLAUSE FROM 2006 TO 2007; AND TO PROVIDE FOR AN ANNUAL REVIEW OF THE ORDINANCE BY CITY COUNCIL BE IT ORDAINED by the Council for the City of Charlottesville that Sections 30-156 and 30-160 of the Code of the City of Charlottesville (1990), as amended, are hereby amended as follows: DIVISION 3. PARTIAL PROPERTY TAX EXEMPTION FOR CERTAIN REHABILITATED RESIDENTIAL STRUCTURES Sec. 30-155. Granted. This division authorizes a partial exemption for improved real estate from the general real estate tax, for real estate containing a structure or other improvement that has been • rehabilitated, renovated or replaced for residential use in accordance with Va. Code § 58.1-3220 and the provisions of this division. The exemption provided by this division shall not be available for any improvements made to unimproved real property. Sec. 30-156. Requirements for qualification. (a) For the purposes of this division the term "residential real property" shall mean a building or structure which has itself undergone, or will undergo, substantial rehabilitation, renovation or replacement for residential use. The term "residential use" shall mean occupied, or designed to be occupied, by not more than one (1) family, o, r by not more than one (1) family with an accessoryapartment. (b) In order to qualify for the exemption from real property taxation provided by this division, residential real property shall meet all of the following criteria: (1) The City Assessor's most recent annual real property tax assessment of the building or structure and the land on which it is located shall be no more than $350,000. Beginning February 1, 2006 this maximum amount shall be automatically adjusted to reflect the average City-wide percentage increase or decrease in real property tax assessments for single family homes, as determined by the City Assessor. • (4- 2) The building or structure must be no less than twenty-five (25) years of age at the time application is filed pursuant to this division.