LYNCHBURG, Va. (WSET) — The City of Lynchburg has scheduled a series of informational meetings about the city’s Real Estate Rehabilitation and Renovation Program.
They said any resident who owns a qualified property and is renovating or rehabilitating that property could be eligible for a tax exempt program.
The tax exemption is equal to the difference between the increase in assessed value resulting from substantial rehabilitation/renovation of a structure and the beginning assessed value as determined by the City Assessor.
It doesn’t freeze taxes, but the exemption is subtracted from the fair market value assessment before taxes are calculated.
Property owners who qualify for the exemption can save a significant amount of money.
There are two meetings you can attend to get more information:
Monday, January 22: College Hill Center, 811 Jackson StreetMonday, February 5: Daniel’s Hill Center, 317 Norwood StreetMonday, February 12: Diamond Hill Center, 1005 17th StreetMonday, February 26: Fairview Center, 3621 Campbell Avenue
All of the meetings will be from 6 p.m. to 7 p.m. and will cover information about eligibility requirements for rehabilitated/renovated structures, damaged or destroyed structures, and revitalization zone structures.
For more information call the City’s Assessor Office at 434-455-3830.