O-1991-1795 - Laserfiche WebLink

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. e Industrial District Agreement - 6 is agreed that presently the ratio of ad valorem tax assessment used by City is one hundred percent (100%) of the fair market value of property. Any change in such ratio used by City shall be reflected in any subsequent computations hereunder. This agreement shall be subject to all provisions of law relating to determination of value of land, improvements, and tangible personal property, for tax purposes (e.g., rendition, assessment, Hartis County Appraisal District review and appeal procedures, court appeals, etc.) for purposes of fixing and determining the amount of ad valorem tax payments, and the amount of "in lieu of tax" payments hereunder, except as otherwise provided in Articles n and VI hereof. VI. (A) In the event. Company, elects to protest the valuation for tax purposes set on its said properties by City or by the Harris County Appraisal District for any year or years during the terms hereof, nothing in this agreement shall preclude such protest and Company shall have the right to take all legal steps desired by it to reduce the same. Notwithstanding such protest by Company, Company agrees to pay to City on or before the date therefor hereinabove provided, at least the total of (a) the total amount of ad valorem taxes on the annexed portions, plus (b) the total amount of the "in lieu of taxes" on the unannexed portions of Company's hereinabove-described property which would be due by Company to City in accordance with the foregoing provisions of this Agreement on the basis of renditions which shall be filed by Company on or before March 31 of each year during the term of this Agreement, with both the City and the Harris County Appraisal District (as the case may be) for that year. When the City or Harris County Appraisal District (as the case may be) valuation on said property of Company has been so finally determined, either as the result of final judgment of a court of competent jurisdiction or as the result of other final conclusion of the controversy, then within thirty (30) days thereafter Company shall make payment to City of any additional payment due hereunder based on such final valuation, together with applicable penalties, interests, and costs.