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: 
2018
Program name: 
Tax Abatement Program
Program purpose
Property improvements
Statutory authority
Norfolk Code Section 24-203 & Section 27-76
Abating jurisdiction(s)
City of Norfolk
Applicable taxes: 
Property 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
$2,448,701
Reimbursement / offset
$0
Net revenue loss
$2,448,701
Type of loss
Active
Additional notes on dislosure: 
(none)