1958-10-17 Regular Meeting - Laserfiche WebLink

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• • • i.ts final Harris County ad valorer; tax valuation of its properties in the area for such year, taking into acco~.xr,t the then current ta:~ rate of the City and the f~_nal ad valorem tax valuation placed by Harris County for that same .year oL~ ti~~e properties of each of the ether Industries lying within the area when related proportionatel;~~ to the limitation of X125,000 per ye«~~ in total taxes to be paid the ~~ity by the Industries collecti~rely as hereinabove rro~~.-~.c~ed. In the event the vaiuatio;~ of said property of ;any Industry has not been made final by Harris County prior to September 1 in any yea~:~ and any payment there%~fter by sur.h Industry based o, its final v~aiuation for• that year would be in an :amount ~nrhich would ca.uUe the total taxis raid by all of the Industr~.es collectively to the City for that year to eJ~ceed 125,000, t:nen such Industry shall pay to the other Industries proportionately on the basis hereinabove provided an amount equal to that by which its tax payment for that year would exceed said total 125,000 (and reduced, 1.f necessary] in order to effect a read~iustment among all of the Industries of the pra- port~onate tax payment of each to the City for that year iri accordance with the formula above provided. 3. In the event any Industry should elect to . protest its Harris County tax valuation on its proper- ta.es with$.n the area, as f.-i.xed by the Commissioners Court of Harris County for any year during the term hereof, then nothing in this Agreement shall preclude its protest of such valuation and its taking all legal. steps desired by it to defend against the same insofar as Harris County is concerned. However, on or before September 1 in that year or within ten days of ter the action of the Commissioners Court of Harris County _~_