Tax Exemption Programs
Environmental Restoration Site Tax Exemption (ERSTE)
This existing city-wide program provides for a 5-year real estate tax exemption for environmental restoration sites on the full assessed value of land and improvements up to a maximum of assessed value of $3,000,000. Any assessed value in excess of $3,000,000 is fully taxable. Within the proposed (second) Virginia Enterprise Zone, the maximum assessed value for the with the ERSTE applies will be increased to $5,000,000. Any assessed value in excess of $5,000,000 would be fully taxable but could leverage an REIG.
For additional details about this program, please contact Economic Development Staff at 757.393.8804.