Tax Increase Amount definition

Tax Increase Amount shall have the meaning set forth in Section 5.02(a) of this Agreement.

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Tax Increase Amount means, for each year that the Compensation Agreement is in effect, the portion, if any, of the Service Payments derived from (i) additional property tax levies approved by the voters of the School District after the date of the Compensation Agreement and any renewals or replacements of such levies and (ii) a replacement levy or a renewal levy with an increase, replacing or renewing, as applicable, a levy in existence on the date of the Compensation Agreement to the extent such replacement or renewal levy exceeds the effective tax rate of the levy as it exists immediately prior to being replaced or renewed; provided, however, that an additional property tax levy approved by the voters of the School District within one year of the expiration or discontinuance of a then-existing levy shall not be treated as an additional levy unless the expiring or discontinued levy is a levy described in clause (i) above. 8759814v3

Examples of Tax Increase Amount in a sentence

Any Tax Increase Amount for a period of less than a full Tax Year shall be ratably apportioned.
Tenant shall pay the Tax Increase Amount to Landlord within thirty (30) days after the issuance of the Tax Statement.
The Tenant’s Pro-Rata Share shall apply to the Tenant’s payment of the Tax Increase Amount, pursuant to Section 5.02 and the Operating Cost Increase Amount, pursuant to Section 5.03.
The Rent includes the Base Rent and Additional Rent for Tenant’s Electricity Charge, Tax Increase Amount, Operating Cost Increase Amount (each as defined herein) and any other charges payable by Tenant to Landlord hereunder.
This Section 5.03 (d) shall not be construed to limit, suspend, or ▇▇▇▇▇ Tenant’s obligation to pay the Operating Cost Increase Amount or Tax Increase Amount when due (including any underpayment for a prior Operating Year as shown on the Reconciliation Statement or for a prior Tax Year as shown on the Tax Statement).
The Base Year for determining Tax Increase Amount and Operating Cost Increase Amount shall be the calendar year 2022.
The Compensation Agreement provides, among other things, that the Village shall pay semi-annually to the School District, solely out of Service Payments, within 30 days following receipt, an amount equal to 25% of the real property taxes that the School District would have received, but for the TIF Exemption, but not including any real property taxes that would have been derived from the Tax Increase Amount.
Base Rent, Tenant’s Electricity Charge, Tax Increase Amount, Extra Taxes, Operating Cost Increase Amount (each as defined herein) and any other charges payable to Landlord hereunder.
Notwithstanding the foregoing, there shall be no Tax Increase Amount due during Tenant’s first twelve (12) months of occupancy.
Base Rent, Tenant's Electricity Charge, Tax Increase Amount, Extra Taxes, Operating Cost Increase Amount (each as defined herein) and any other charges payable to Landlord hereunder.

More Definitions of Tax Increase Amount

Tax Increase Amount means, for each year that this Agreement is in effect, the portion, if any, of the Service Payments derived from (i) additional property tax levies approved by the voters of the School District after the date of this Agreement and any renewals or replacements of such levies and (ii) a replacement levy or a renewal levy with an increase, replacing or renewing, as applicable, a levy in existence on the date of this Agreement to the extent such replacement or renewal levy exceeds the effective tax rate of the levy as it exists immediately prior to being replaced or renewed; provided, however, that an additional property tax levy approved by the voters of the School District within one year of the expiration or discontinuance of a then-existing levy shall not be treated as an additional levy unless the expiring or discontinued levy is a levy described in clause (i) above.