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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionCity of Norfolk
Jurisdiction type: Municipality
Fiscal year ending In2022
Program nameTax Abatement Program
Program purpose: Property improvements
Statutory authority: Norfolk Code Section 24-203 & Section 27-76
Abating jurisdiction(s): City of Norfolk
Applicable taxesProperty Tax
Method of abatement: Reduction in assessed value
Provisions for recapture: No recapture provisions as taxes are abated after costs have been incurred or targets have been reached (i.e. performance-based awards).
Gross revenue loss: $3,871,560
Reimbursement / offset: $0
Net revenue loss: $3,871,560
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.norfolk.gov/DocumentCenter/View/74487/2022-Annual-Comprehens...