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[{A7]Q Is improved with one or more dwelling units, has a net taxable
<br />real property value of $2,000,000 [er-rn ,] to $4,000,000,
<br />does not have a home exemption, and is classified as
<br />residential in consideration of the highest and best use of the
<br />land;
<br />[(43)] ii Is vacant land that has a net taxable real property value of
<br />$2,000,000 [eF nere;] to $4,000,000 and is classified as
<br />residential in consideration of the highest and best use of the
<br />land; or
<br />[R]fQ Is a condominium property regime that has a net taxable real
<br />property value of $2,000,000 [eF mere;] to $4,000,000, does
<br />not have a home exemption, and is classified as residential in
<br />consideration of the highest and best use of the land.
<br />(C) "Residential tier three property" shall mean a property, or portion
<br />thereof, which:
<br />(i) Is improved with one or more dwelling units, has a net taxable real
<br />property value of more than $4,000,000, 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 />(ii) Is vacant land that has a net taxable real property value of more
<br />than $4,000,000 and is classified as residential in consideration of
<br />the highest and best use of the land: or
<br />(iii) Is a condominium property regime that has a net taxable real
<br />property value of more than $4,000,000, 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 residential
<br />class shall be applied only to the portion used exclusively as residential,
<br />provided the highest and best use of the land is residential.
<br />(4) No less than $9,000,000 of the revenue collected annually pursuant to this
<br />subsection or, whenever less than $9,000,000 is collected, all such revenue,
<br />calculated as the difference in revenue from the residential tier one property
<br />tax rate to the residential tier two and tier three property tax [rate,] rates, shall
<br />be appropriated each fiscal year to County -sponsored programs designed to
<br />address housing and homelessness. This requirement shall not extend beyond
<br />June 30, 2027, unless otherwise amended by ordinance. Any remaining
<br />balance collected pursuant to this subsection at the end of the fiscal year shall
<br />be designated for this purpose."
<br />SECTION 3. Material to be repealed is bracketed and stricken. New material is
<br />underscored. In printing this ordinance, the brackets, bracketed and stricken material, and
<br />underscoring need not be included.
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