Land Use Class definition
Examples of Land Use Class in a sentence
In October 2017 and any October thereafter, if requested to do so by the Company, the County will calculate whether the total tax burden for each Land Use Class in each Zone established under the Rate and Method of Apportionment for the District exceeds 2% of the assessed value of the residential property in such Land Use Class.
Furthermore, an Assessor’s Parcel of Residential Property assigned to Land Use Classes 1, 2 or 3, if reclassified as belonging to a different Land Use Class, shall be subject to the Special Tax associated with its new Land Use Class.
The District’s Special Tax Consultant shall then calculate the total tax burden on a residential unit in such Land Use Class in such Zone based on the actual taxes and assessments levied in the current fiscal year.
This total assessed value shall then be divided by the number of residential units in such Land Use Class in such Zone to produce an average assessed value per residential unit.
In the event that the total tax burden on residential units in each Land Use Class in each Zone is not greater than 2% of the assessed value determined as set forth above, then the County shall provide a notice to the Company and the Water District that the amount deposited under the Tri-Party Agreement is no longer needed to subsidize the tax rate in Improvement District 4 and Improvement District 4C.