Class 1 property definition
Class 1 property means property owned or controlled by a state agency concerning which there are no encumbrances or deed restrictions that limit the exploration or drilling for oil or gas on the property.
Class 1 property means a road, a building or equipment purchased before 1 April 1975 and actually used in the mining operation;
Class 1 property means Assessed Property that is or is intended to be developed as detached single family dwelling units, including ancillary uses thereto.
Examples of Class 1 property in a sentence
Arizona has reduced its commercial property tax assessment ratio by 10 percent, from 20 percent to 18 percent, on Class 1 property.
The “Rate and Method of Apportionment of Special Assessments” defines Class 1 property as being equal to 1.0 equivalent unit, Class 2 property as being equal to 1.22 equivalent units, and Class 3 property as being equal to 1.45 equivalent units.
The fees calculated for the provision of the Municipal Service under this Agreement shall be calculated from the base rate in year 1 of $110,960.40 calculated as set out in Schedule “A” attached hereto, plus an annual increase calculated at the same percentage increase applied to Class 1 property within the District, compounded annually.