Incremental property tax revenue means the same as that term is defined in Section 63N-2-502.
Incremental property tax revenue means the amount of property tax revenue
Incremental property tax revenue means the amount of property tax revenue generated from hotel property that equals the difference between:
Examples of Incremental property tax revenue in a sentence
After the Date of Completion and subject to the limitations hereinafter set forth, the City shall pay to the Developer eighty percent (80%) of the Incremental Property Tax Revenue received by the City during a given Fiscal Year for the Project Site.
The City shall make any such payment to the Developer by November 15th during the Fiscal Year in which the Incremental Property Tax Revenue received by the City.
The Development Incentive paid to the Developer with respect to any given Fiscal Year shall not exceed the eighty percent (80%) of the Incremental Property Tax Revenue received by the City during a given Fiscal Year for the Project Site, as the City shall be able to retain twenty percent (20%) of the Incremental Property Tax Revenue during a given Fiscal Year.
More Definitions of Incremental property tax revenue
Incremental property tax revenue means Property Tax Revenue in excess of an amount equal to the ad valorem property taxes produced by the levy at the rates fixed for such year by or for the governing bodies of the various taxing jurisdictions within or overlapping the Urban Renewal Area upon a valuation for assessment equal to the Property Tax Base Amount.
Incremental property tax revenue means the amount of property tax revenue generated from hotel property that equals the difference between: (a) the amount of property tax revenue generated in any tax year by all taxing entities from hotel property, using the current assessed value of the hotel property; and (b) the amount of property tax revenue that would be generated that tax year by all taxing entities from hotel property, using the hotel property's base taxable value.
Incremental property tax revenue means the real estate tax revenue actually received by the City during a given Fiscal Year based upon the extension of real estate tax levies against the Incremental EAV.
Incremental property tax revenue means the amount of property tax revenue 1641 generated from hotel property that equals the difference between: 1642 (a) the amount of property tax revenue generated in any tax year by all taxing entities 1643 from hotel property, using the current assessed value of the hotel property; and 1644 (b) the amount of property tax revenue that would be generated that tax year by all 1645 taxing entities from hotel property, using the hotel property's base taxable value. 1646 (17) "Local portion" means the portion of new tax revenue that is generated by local 1647 taxes. 1648 (18) "Local taxes" means a tax imposed under: 1649 (a) Section 59-12-204; 1650 (b) Section 59-12-301; 1651 (c) Sections 59-12-352 and 59-12-353; 1652 (d) Subsection 59-12-603(1)(a)(i)(A); 1653 (e) Subsection 59-12-603(1)(a)(i)(B); 1654 (f) Subsection 59-12-603(1)(a)(ii); 1655 (g) Subsection 59-12-603(1)(a)(iii); or 1656 (h) Section 59-12-1102. 1657 (19) "New tax revenue" means construction revenue, offsite revenue, and onsite 1658 revenue. 1659 (20) "Offsite revenue" means revenue generated from state taxes and local taxes 1660 imposed on transactions by a third-party seller occurring other than on hotel property during the 1661 eligibility period, if: 1662 (a) the transaction is subject to a tax under Title 59, Chapter 12, Sales and Use Tax 1663 Act; and 1664 (b) the third-party seller voluntarily consents to the disclosure of information to the 1665 office, as provided in Subsection 63N-2-505(2)(b)(i)(E). 1666 (21) "Onsite revenue" means revenue generated from state taxes and local taxes 1667 imposed on transactions occurring on hotel property during the eligibility period. 1668 (22) "Public infrastructure" means: 1669 (a) water, sewer, storm drainage, electrical, telecommunications, and other similar 1670 systems and lines;
Incremental property tax revenue means the real estate tax revenue actually received by the City during a given Fiscal Year based upon the extension of the real estate tax levies against the Incremental EAV.
Incremental property tax revenue means the real estate tax revenue actually received by the City during a given fiscal year based upon the extension of the real estate tax levies against the incremental EAV, being the EAV by which the most recent EAV exceeds the initial EAV of the Project Site prior to any construction or site preparation activities undertaken by the Developer on the Project Site pursuant to this Agreement. The Developer shall have the right to assign the rights to the annual incentive payments and to enter into such other agreements and instruments as the Developer deems necessary or desirable to monetize the annual incentive payments at the Closing. Further, at Closing, the City, upon request, shall execute and deliver such agreements and instruments in connection with any of the foregoing, each in form and substance reasonably satisfactory to the City. The Developer shall be permitted to use the proceeds of the annual incentive payments to pay, or reimburse the Developer for, any and all hard and soft costs of the Project. The City shall make the annual incentive payments to Developer or Developer’s assignee on the first day of November each year commencing with the first day of November after the EAV has been determined and the initial Incremental Property Tax Revenue distribution has been received by the City and continuing thereafter through and including 2038 (Incremental Property Tax Revenue received for tax year 2037). The City shall keep an annual accounting of Incremental Property Tax Revenue generated at the Project Site and of the Annual Incentive Payments paid to the Developer. To the extent the Incremental Property Tax Revenues in a given year are insufficient to meet the full amount of the Annual Incentive Payments as set forth herein (the “Incentive Shortfall”), the Developer shall have the right to additional catch-up payments of Incremental Property Tax Revenues in future years (the “Catch-up Payments”) in the amount(s) of the Incentive Shortfall. The City shall only be required to make such Catch-up Payments from Incremental Property Tax Revenues generated at the Project Site above the amount of the Annual Incentive Payments (the “Excess Incremental Property Tax Revenues”), and shall not be required to make the Catch-up Payments from any other source. Further, in any year there are outstanding Incentive Shortfall amounts and there are available Excess Incremental Property Tax Revenues, the City shall be required to make Catch-up Payments.
Incremental property tax revenue means the total amount of property tax revenue increase or decrease computed from the assessed valuation over the Base Property Tax Year. [reference Revenue and Taxation Code Section 96.5]