Residential Incentive Program

How it works

Chesterfield County allows a partial real estate tax exemption for the rehabilitation, renovation, or replacement of older residential structures. If approved, the exemption lasts for 15 years and transfers with the real estate.

What the benefit covers

The county says the amount of the exemption is based solely on the increase in assessed value, not the amount spent on the improvement project, and the exempt amount does not change during the 15-year period.

The program is administered by Community Enhancement and involves Building Inspection and Real Estate Assessments review.

Amounts and matching

The county does not give a flat dollar cap. Instead, the exemption is tied to the increase in assessed value created by the eligible work.

How to apply

The county says applicants use the Real Estate Tax Exemption application.

Important process steps listed by the county:

• appropriate building permits must first be issued by Building Inspection
• within 24 months after the filing date of the building permit application, the property owner may apply for the exemption
• all work must be completed and approved by Building Inspection
• Real Estate Assessments must be notified of completion by December 31 for the exemption to be effective January 1 of the following year

Timing and deadlines

The county says the exemption is effective for 15 years after approval. The application window is tied to the building permit filing date and completion of work, with a December 31 notification deadline for the following year’s effective date.