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[{A)]Q Is improved with one or more dwelling units, has a net taxable <br />real property value of $2,000,000 [eree;] 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 />[(R)] ii Is vacant land that has a net taxable real property value of <br />$2,000,000 [er-ee;] to $4,000,000 and is classified as <br />residential in consideration of the highest and best use of the <br />land; or <br />[(C)](iW Is a condominium property regime that has a net taxable real <br />property value of $2,000,000 [er-more, 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 propefty. 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 />exem tion 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 „pL erty 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, o_r <br />iii Is a condominium RLqVeM Mime that has a net taxable real <br />property value of more than $4,000,000, does not have a home <br />p o <br />exam tion, and is classified as residential in consideration 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 [] 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. <br />OA <br />