Tax Uplift definition
Tax Uplift means the annual increase in municipal property taxes and is calculated by the City Assessor by subtracting the Municipal Property Tax Baseline Valuation from the municipal property taxes payable in the taxation year. Only municipal property taxes, as defined in the Grant Funding Agreement, will be used. Education taxes as defined in sections 359, 359.1 and 359.2 of the Municipal Government Act, R.S.A. 2000, c. M-26, are not included in this calculation. The Municipal Property Tax Baseline Valuation is established by the City Assessor at the time of execution of the Grant Funding Agreement and is equal to the Municipal Property Taxes found on the municipal tax roll, as calculated by the City Assessor after all assessment complaints and appeals are fully determined and the assessment is finalized, for the year in which the Agreement is executed or as otherwise agreed to by the parties. The Grant Amount is payable in six (6) annual consecutive payments, generally made once per year. The grant amount payable annually shall not at any time exceed the actual Net Municipal Tax Uplift for that taxation year. The Maximum Grant Amount payable is calculated at the time of execution of the Grant Funding Agreement and will be up to 100% of the total remediation costs or the projected Net Municipal Tax Uplift, as calculated by the City Assessor, over a term of six
Tax Uplift means the increase in education and/or municipal taxes for the Eligible Property created as a result of completing the proposed remediation and redevelopment. The Tax Uplift shall be calculated as the difference between the taxes levied in 2023 and the taxes levied in each year of the Assistance Period.
Examples of Tax Uplift in a sentence
Up to 100% of total remediation costs or the Net Municipal Tax Uplift as calculated by the City Assessor over a term of six (6) years, whichever is less, per subject property.
The City will not make more than six (6) annual consecutive grant payments, including any annual grant payments equal to $0.00, and the maximum annual grant payment made in any taxation year shall not at any time exceed the Net Municipal Tax Uplift for the tax year in which the grant payment is paid.
The maximum value for a Phase III Grant is up to 100% of total remediation costs or the Net Municipal Tax Uplift calculated by the City Assessor over a term of six (6) years, whichever is less, per subject property.