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.

State: 
Virginia
Reporting Jurisdiction: 
Norfolk
Jurisdiction type
Municipality
Fiscal year ending In: 
2019
Program name: 
Tax Abatement Program
Program purpose
Residential improvement
Statutory authority
Norfolk Municipal Code Section 24-203 & Section 27-76
Abating jurisdiction(s)
Norfolk, Virginia
Applicable taxes: 
Property Tax
Method of abatement
Reduction in assessed value
Provisions for recapture
Because taxes are not abated until after the improvements have been made, there is no provisions for recapturing abated taxes
Gross revenue loss
$2,919,370
Reimbursement / offset
$0
Net revenue loss
$2,919,370
Type of loss
Active
Additional notes on dislosure: 
(none)