Examples of Taxable Property in a sentence
Each Fiscal Year, beginning with the Commencement Year, all property within CFD No. 9 shall be classified as either (i) Taxable Property, which shall be subject to the Special Tax in accordance with the rate and method of apportionment determined pursuant to Sections C and D below or (ii) Initial Public Property, which shall be exempt from the Special Tax pursuant to law and Section E below.
The Maximum Special Tax for each Assessor’s Parcel of Taxable Property shall be based on the Parcel Square Footage of such Assessor’s Parcel.
Notwithstanding the foregoing, if in any Fiscal Year an Assessor’s Parcel of Initial Public Property was leased to a private entity as of January 1 of the previous Fiscal Year and subject to taxation under Section 53340.1 of the Act, such Assessor’s Parcel shall be considered Taxable Property and shall be subject to the levy of the Special Tax for such Fiscal Year.
In the Commencement Year and each following Fiscal Year, the Council shall levy the Special Tax Proportionately on each Assessor’s Parcel of Taxable Property at up to 100% of the applicable Maximum Special Tax as needed to satisfy the Special Tax Requirement.
Notwithstanding the foregoing, no full or partial Special Tax prepayment shall be allowed unless the amount of Maximum Special Taxes that may be levied on Taxable Property within CFD No. 9 both prior to and after the proposed prepayment, less expectedAdministrative Expenses, is at least 1.1 times the maximum annual debt service on all Outstanding Bonds (excluding any Bonds to be redeemed as a result of such prepayment).