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Al For nronerties whose dedication date of the current
<br />dedication was prior or equal to July 1, 2005, their
<br />base year shall be 2004/2005 or market assessed
<br />value, whichever is less.
<br />~B) For properties whose current dedication started after
<br />July 1 2005 their base year shall be the same as the
<br />first year of their dedication or market assessed
<br />value, whichever is less. (This means if your
<br />dedication started July 1, 2006, your base year will
<br />be 2006/2007.)
<br />~C) For properties who converted from the
<br />nonspeculative residential use program to the
<br />homeowner program (three percent per year) since
<br />January 1, 2004, their base year shall be reassessed
<br />as provided in subsections A or B, above.
<br />(D) Upon the end of the nonspeculative residential use,
<br />cancellation without breach or reassessment, the
<br />ensuing real property assessed value shall be
<br />determined bathe following formula or current
<br />market assessed value. whichever is less:
<br />Ensuing_real property tax year assessed
<br />value =Base year's market value plus three percent
<br />a year compounded annually, to include the ensuing
<br />tax year.
<br />(E) Further, homeowners who have applied for or
<br />renewed their nonspeculative residential use. for the
<br />fiscal year 2009-2010 will have their application
<br />cancelled and will be assessed as stated above.
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<br />Paragraphs 19-53(,g) (2) and (3) shall be repealed upon the
<br />final participant in the nonspeculative residential use
<br />program being_converted as provided above."
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