BIL 323 Draft 02 2006-2008 - Laserfiche WebLink

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(2) Those properties dedicated to nonspeculative residential use as of January 1, 2004 may [ser~tinue] terminate the dedication without imposition of retroactive taxes upon filing and approval of petition for such termination with the director of finance by September 1, 2009 [ ^~~]. Upon termination of the dedication these properties shall be assessed at the market value and subject to section 19-53(g)(1). (3) Those properties dedicated to nonspeculative residential use as of January 1, 2004 may continue the dedication and upon termination of the dedication period the parcel shall be assessed at the market value and the year following the termination be subject to section 19-53(g)(1) unless the dedication is renewed as provided in section 19-58.1. (4) Those properties dedicated to nonspeculative residential use as of the effective date of this ordinance may terminate the dedication without the imposition of retroactive taxes upon filing and approval of petition for termination of dedication with the director of finance by September 1, 2009. For properties with an effective date of dedication prior to July 1, 2005, the assessed value shall be the market value at Januarv 1, 2004 and increased compounded annually b three percent; and for properties with an effective date of dedication after July 1, 2005, the assessed value shall be the market value at the effective date of dedication and increased compounded annually by three percent as set in the table below rounded to the nearest hundred dollars of assessed value: Effective Date of Market Value at Assessed Value Dedication Multiplier Prior to Julv 1, 2005 Januarv 1, 2004 1.1941 July 1, 2005 Januarv 1, 2005 1.1593 July 1, 2006 January 1, 2006 1.1255 July 1, 2007 January 1, 2007 1.0927 July 1, 2008 Januarv 1, 2008 1.0609 (5) Paragraphs 19-530)(2), (3), (4) and (5~ shall be repealed upon the final participant in the nonspeculative residential use program being converted as provided above."