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Spotsylvania County
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Meeting Date: October 23, 2018
Title: Overview of Land Use Tax Deferral as an Incentive for Economic Development
Type:
Agenda Title: Overview of Land Use Tax Deferral as an Incentive for Economic Development
Recommendation: Staff is seeking direction from the Board on whether to develop an ordinance for the Board's consideration.
Summary:

Staff will provide an overview of Hanover County's "Strategic Zoning Initiative". This program was established in 2013 and received a NACo Achievement Award in 2016. As authorized by the Code of Virginia, the program allows rezoning of land in the Land Use Taxation Program for Economic Development purposes without requiring immediate payment of roll-back taxes (current year + 5 years of deferred tax). This allows appropriately sited property to be zoned for industrial, commercial, or office uses to aid in marketing and promotion for economic development prospects, while delaying the roll-back tax payment until development occurs.
Committee/Commission Summary:
Review Date: Status:
Financial Impact: N/A
Staff Contacts: Wanda Parrish, Director of Planning
Legal Counsel: N/A
Additional Background/Other Considerations: N/A
Consequence of Denial/Inaction: N/A
 
ATTACHMENTS:
Name: Description: Type:
Presentation.pptx Presentation Presentation
58.1-3237.pdf Code of Virginia Sec. 58.1-3237 Backup Material
Sec._22_17.1.___Eligibility_of_certain_properties_after_change_in_zoning..doc Hanover County Code Provision Backup Material
Land_Use_Taxation_Parcels_(PDB).pdf Map of Land Use Properties in Primary Development Boundary Backup Material