Property Tax. The Lessor shall be responsible for payment of present and future Property Tax imposed by the municipal authorities in respect of the Demised Premises.
Property Tax. Any property tax on the Bus Depot, Parking Space (if any) and Bus Stops shall be payable by the Authority as owner of the same; provided, however, that any such taxes payable by the Operator under Applicable Laws for use of Project Facilities excluding Bus Depot, Parking Space (if any) and Bus Stops, shall not be reimbursed or payable by the Authority.
Property Tax. This is every kind of present or future federal, provincial, municipal or other tax, assessment or rate on or in respect of the property or any part of it. It includes a charge imposed by a municipality for an improvement, and a fee for information about property taxes.
Property Tax. “Property Tax” means any Tax resulting from and relating to the assessment of real or personal property or a possessory interest in real or personal property by any Governmental Authority.
Property Tax. Although the property tax on the Project Site is payable by the Authority as owner of the Site; however, under applicable laws the Concessionaire/Sub-Licensee (if any) is liable to pay any such taxes arising out of usage of Project Site i.e. for any non-residential/ commercial purposes or on the built-up area, which is under the occupation of Concessionaire shall not be reimbursed or payable by the Authority. For the avoidance of doubt, it is clarified that as per Section 97(2) of the Punjab Municipal Corporation Act, 1976, the Concessionaire shall bear any such property taxes, house taxes, municipal taxes etc. as levied by Competent Authorities. Any such taxes payable by the Concessionaire under Applicable Laws, for use of the Project Site, shall not be reimbursed or payable to the Concessionaire till the subsistence of this Concession period.
Property Tax. In the event that the Lessor shall be required by law to assess and to levy any real property taxes against the Premises or any portion thereof, the Lessee shall have the option of (1) paying said taxes in addition to the payment of those sums set forth in this Lease and continuing in possession of the Premises under this Lease or (2) it may declare this Lease void and terminate the same.
Property Tax. Subject to Section 1.20 Subsidy and other provisions of this Agreement, 100% of the Available Property Tax Increment from each Tax Increment Year of the Subsidy Period shall be paid to the Developer until (i) the Maximum Aggregate Subsidy, as adjusted pursuant to the terms of this Agreement, has been paid, or (ii) the end of the Subsidy Period, whichever occurs first. The Agency reserves the right to amend the Project Area Budget for any reason, provided that the amendment does not adversely affect Developer’s rights under this Agreement or reduce the amount, or delay the payment, of Subsidy required by this Agreement to be paid to the Developer for the Subsidy Period. The tax increment payments received each year by the Agency from the ad valorem and personal property taxes required to be paid by taxpayers to the County Treasurer by November 30 each year on the Project Area, to the extent required under this Agreement to be paid to the Developer as Subsidy, shall be paid to the Developer within sixty (60) calendar days following receipt of and final accounting of said funds by the Agency. The Agency anticipates receipt of these funds by June 1 of each year from the ad valorem and personal property taxes paid by property owners which are due the prior November 30th.
Property Tax. (a) For the purposes of property tax, the valuation of lands containing minerals which belong to the Government by virtue of the Minerals (Vesting) Act or any other present or future Act shall not take into account the presence of the said minerals.
Property Tax. Lessee agrees to hold Lessor harmless from any loss of its property tax exemption resulting from the activities of Lessee and Lessee agrees to promptly pay all property taxes that may be levied against the property as a result of its activities.
