Fixed Assessment definition

Fixed Assessment shall refer to Town’s conferral, under C.G.S. § 12- 65b, of a fixed real property tax assessment on the buildings and improvements under construction during the Project on the Premises during the Fixed Assessment Period, as is set forth in Section 2.2.
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Examples of Fixed Assessment in a sentence

  • All taxes assessed following termination of the Fixed Assessment Period, and/or if sooner, following termination of the Fixed Assessment Period applicable to any particular building or improvement, shall be due and payable as provided by applicable law.

  • During the Fixed Assessment Period, Developer shall not apply to the Town’s Board of Assessment Appeals to seek any full or partial exemption from municipal real estate taxation, and shall not appeal the assessed values established by the Town thereon to any court.

  • During the Fixed Assessment Period, ▇▇▇▇▇▇▇▇▇ agrees that it will not pursue, nor shall it be entitled to, any additional tax incentives from the Town.

  • In the event the FACILITY or any part thereof, or any estate therein is taken by condemnation or eminent domain during said Fixed Assessment Period, the applicable fixed assessments specified in Section 1 shall be adjusted to reflect the diminution of value arising out of said taking, in the manner provided by state and local laws and ordinances.

  • In the event the FACILITY or any part thereof or any estate therein is damaged or destroyed by fire or other casualty during said Fixed Assessment Period, the applicable fixed assessment shall be adjusted to reflect the diminution of value arising out of said fire or other casualty, in the manner provided by state and local laws and ordinances and the required size of the FACILITY shall be reduced as appropriate under the circumstances.

  • During the Fixed Assessment Period, the Town shall fix the assessment of improvements and buildings under construction, but not the land, in connection with only Phase I of the Project such that all real property taxes otherwise payable in connection with such buildings or improvements under construction during said Phase 1 shall be abated during said Fixed Assessment Period.

  • During the Fixed Assessment Period, Owner agrees that it will not pursue, nor shall it be entitled to, any additional tax incentives or abatements from the Town.

  • Prior to the commencement of this Fixed Assessment Agreement, the then current owner of the Property shall be obligated and responsible to pay taxes on the assessments set by the Town of Stonington for the Assessment Years between the signing of this Agreement and the first assessment year for this Agreement.

  • During the Fixed Assessment Period, the Town shall fix the assessment of improvements and buildings under construction in connection with Phase I of the Project such that all real property taxes otherwise payable in connection with such buildings or improvements under construction shall be abated during said Fixed Assessment Period.

  • The Fixed Assessment Period shall cover two (2) consecutive Town fiscal years (July 1 through June 30) commencing with the first full fiscal year following the first October Grand List prepared after the issuance of a final Certificate of Occupancy for the OFFICE ADDITION to the EXISTING FACILITY.