Laserfiche WebLink
For the purposes of this Agreement, multiple <br />projects that are completed in a Value Year can be <br />cumulated to arrive at the amount for the increase <br />in value. <br />{c) If existing Property values have depreciated below <br />the Property value established vn January I, 2007, <br />an amount equal to the amount of the dapreciation <br />will be removed from the calculation under this <br />subparagraph 2 tv restore the value to the January <br />1., 2007, value; and <br />3. Percentage Amount of the amount of ad valorem taxes <br />which would be payable to City an all of the Company+s <br />tangible personal property of every description, <br />located in an industrial district of City, including, <br />without limitation, inventory, {,including inventory in, <br />a federal Foreign Trade Zane and including Freeport <br />exempted inventory), ail, gas, and mineral interests, <br />items of leased equipment, railroads, pipelines, and <br />products in storage located on the Land, if all of said <br />tangible personal property which existed on January 1, <br />2x08; and each ~'anuary 1 thereafter of the applicable <br />Value Year during the term of this Agreement, <br />{excluding amounts which would be so payable with <br />respect to any Substantial. Increase in value of such <br />tangible personal property ~o which subparagraph 2, <br />above applies), had been within the corporate limits of <br />City and appraised each year by the City+s independent <br />appraiser, in accordance with the applicable provisions <br />of the Texas Prapexty Tax Code. <br />with the sum of ~., 2 and 3 reduced by the amount of City's ad <br />valorem taxes on the annexed gortion thereof as determined by <br />appraisal by the Harris County Appraisal District. <br />~. .Notwithstanding the above, should City elect to grant <br />the Freeport inventory exemption authorized by Article <br />VIIZ, 5ectian 1-j of the Texas Constitution and Section <br />1..251 of the Texas Property Tax Code to taxpayers <br />within the City limits, then the Freeport inventory <br />exemption shall. apply to parties to this Agreement, <br />Further, should inventory or any other class or type of <br />property become exempt from taxation by constitutional <br />amendment vx act of the Texas Legislature (including, <br />but not limited ta, Article VIII, Section 1-n, of the <br />Texas Constitution and Section I]..253 of the Texas <br />Property Tax Cade), such class or type of property <br />shall be exempt for purposes of this Agreement, unless <br />the City Council of the City of La Porte shall by <br />Ordinance provide for the continued taxation of such <br />property under the authority of any applicable <br />provisions of the Texas Constitution and Texas <br />Statutes. <br />S <br />