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(B) Is vacant land that has a net taxable real property value of <br /> $2,000,000 or more, and is classified as residential in <br /> consideration of the highest and best use of the land; or <br /> (C) Is a condominium property regime that has a net taxable real <br /> property value of$2,000,000 or more, does not have a home <br /> exemption, and is classified as residential in consideration of the <br /> highest and best use of the land. <br /> (3) The respective tax rate to be applied to any property within the <br /> residential class shall be applied only to the portion used exclusively <br /> as residential, provided the highest and best use of the land is <br /> residential. <br /> (4) No less than seventy-five percent of the revenue collected annually <br /> [from the tax an fesidenlial fief two pfopefty that is applied to the net <br /> tffliable real Pfopefty value of$2,000,000 of mefe] pursuant to this <br /> subsection, calculated as the difference in revenue from the residential <br /> tier one property tax rate to the residential tier two property tax rate, <br /> shall be appropriated each fiscal year to County-sponsored programs <br /> designed to address housing and homelessness. This requirement shall <br /> not extend beyond June 30, 2027, unless otherwise amended by <br /> ordinance." <br /> A copy of the Draft 4 of this bill,that would result if these proposed amendments are adopted, is <br /> attached with the amendments incorporated therein. <br /> ASYC:awm <br /> Att. <br /> 2 <br />