Upon the written request of the district commission made to the local governing body pursuant to subdivision 8 of § 15.2-4705, the local governing body may levy and collect an annual special improvements tax on taxable real property zoned for commercial or industrial use or used for such purposes and leasehold interests in that portion of the improvement district within its jurisdiction. Notwithstanding the provisions of Article 4 (§ 58.1-3229 et seq.) of Chapter 32 of Title 58.1, the tax shall be levied upon the assessed fair market value of the taxable real property. The rate of the special improvements tax shall not be more than $0.20 per $100 of the assessed fair market value of any taxable real estate or the assessable value of taxable leasehold property as specified by § 58.1-3203; however, if all the owners in any district so request, this limitation on rate shall not apply. Such special improvements taxes shall be collected at the same time and in the same manner as the locality's taxes are collected, and the proceeds shall be kept in a separate account. All revenues received by the locality pursuant to such taxes shall be paid over to the district commission for its use pursuant to § 15.2-4705.
1997, c. 587.