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09-13-10 Council Agenda & Packet
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09-13-10 Council Agenda & Packet
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10/1/2010 2:29:05 PM
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City Council - City Clerk
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SECT#ON V -FOR AREAS NOT RESIDENTIALLY DISTRESSED <br /> PERCENTAiuES AND AIV~OUNTS OF DEDUCTIONS <br />YEAR pF t3EClUCTipN 1 PEF2Cf=NTAGE 1AMQUNT OF DEDUCTION * YEAR OF DEDUCTION ! PI~RCI=NTAGE 1AMOUPIT pF {OEDt1CTfp~l <br />(1 }For deductions allowed over a 1 year period: (8} For deductions allpwed over a eight (8) year period: <br />1st Pay 10D% $ 1st pay iD0°/a $ <br /> 2nd pay 8$% $ <br />(2} For deductions allowed guar a two {2) year period: 3rd pay 75% $ <br />1st pay 1D0°!o $ 4th _ pay 63% $ <br />2nd Pay 50% $ 5th pay 50°J $ <br /> 6th pay 38°!° $ <br />{3) Fnr deductions allowed over a three (3) year period: <br />25% <br />7 <br />h <br />$ <br /> pay <br />t <br />1st PaY - 100% $ 8th pay 13% $ <br />2nd pay lifi% $ <br /> <br />33% <br />$ (g) For deductions allowed over a nine (9} year period: <br />3rd PaY <br /> 1st Pay 1 fl0°)o $ -- <br />(4) For deductions allowed nvar a four (4) year period: 2nd Pay 88% $ <br />1st pay _. - 100% $ 3rd pay 77°1° $ <br />2nd pay 75% $ 4#h pay 66% $ <br />3rd pay 50% $ - 5th Pay 55% $ <br />bth Pay 25°/° $ 6th pay ~ - 44°10 $ <br /> 7th pay 33°/° $ - <br />(S) F nr deductions allowed over a rive (5) year period: <br /> 8th ply ~„~-,.._ 22°Jv $ <br />1St pay 100°/a $ 9th pay 11°l° $ <br />2nd pay 80% $ <br /> <br />60% $ (10) For deductions allowed war a ten (i0) year period: <br />3rd pay - <br />4th pay 40°Jo $ 1st pay 100% $ <br />5th Pay 20°(° $ 2nd Pay 95°I° $ <br /> 3rd pay 80% $ <br />(6) F or deductions allowed over a six (8) year period: <br />4th Pay 65% <br />$ <br />1st Pay 100% $ 5th pay 50% $ <br />2nd PaY 85°!° $ 6th Pay 40% $ <br />3rd pay 66°Jo $ - 7th pay 3D% $ <br />4th pay 50% $ 8th Pay 2D% $ <br />5th pay 34% $ 9th pay 1D% $ <br />6th pay 17% $ 10th pay 5% $ <br />(7) For deductions allpwed over a seven {7) year period: <br />1st pay 100°/° $ .. ._... <br />2nd PaY 85% $ -- <br />3rd pay 71 % $ * if a general reassessment of real property occu rs within the deduction <br /> 57°1 $ pedal, the amount of the deduction shall be adjusted to reflect the percentage <br />4th pay ° increase or decrease in assessed valuation. If an appeal of an assessment <br />5th Pay 43°/a $ is approved that results in a reduction of the assessed value, the deduction <br />6th paY 29°I° $ amount shall be adjusted to reflect the percentage decrease that resulted <br />7th pay 1b% $ .. from the appeal. (1C fr1.1-12.1-4 (b)) <br /> SECTION VI - 3=0R RESIDENTIALLY DISTRESSED AREAS jAS DEFINED BYIC 6-l.1-l2.1-26-d) <br /> AMOUNT OF DEDUCTION <br /> TYPE pF DWELLING DEDUCTION lS THE~LESSER OF: <br />1(b)} <br />(iC C-1 <br />1-4 <br />1-12 DEDUCTIpN is ALLOWED F4R AFIVE (5) <br />RS ht tNCLUbES <br />y'FARP~IOY <br /> . <br />. <br />. ~ <br />^ qne (1) family dwelling Assessed value (after rehabili#ation nr redevelopment) $ pr $74,880 AV pay ~ through pay <br />^ Two (2) family dwelling Assessed value (after rehabilitation or redevBlnpmen#) $ or $f D6,080 AV pay ~____ through __ pay <br />^ Three (3? unit multifarrri#y dwelling Assessed value (after rehabilitation nr redevelopment) $ _ ar 5156,000 AV pay, ,___ through pay <br />^ Four (4} unit multifam's€y dwelling Assessed value (after rehabilitation qr redevelopment) $ _ qr $199,68(lAV pay through pay <br />Assessed value limits for taxes due and payable prior to January 1, 2006 were $36,OD0, $51,ODD, $75,OOD, and $9$,DOD for nna to four family dwellings respectively. <br /> SECTION VII -APPROVAL OF COUNTYAUDiTOR (CAh7PLETEONLYiFAAPROVE'D) <br />This application is approved in the amounts shown above, <br />Signature of County Auditor Date signed {month, day, year) <br />
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