Reduction in Rollback Tax Rate. If during any year of the period of Abatement any portion of the abated value is added to the current total value of the Governmental Unit but is not treated as “new property value” (as defined in Section 26.012 (17) of the Texas Tax Code) for the purpose of establishing the “effective maintenance rate” in calculating the “rollback tax rate” in accord with Section 26.04 (c) (2) of the Texas Tax Code and if the Governmental Unit’s budget calculations indicate that a tax rate in excess of the “rollback tax rate” is required to fund the operations of the Governmental Unit for the succeeding year, then the Governmental Unit shall recapture from the Owner a tax in an amount equal to the lesser of the following:
Appears in 4 contracts
Samples: Tax Abatement Agreement, Tax Abatement Agreement, Tax Abatement Agreement
