1964-12-28 Special Meeting - Laserfiche WebLink

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A.II >.l ' ' ou~x ca:ix `+....+ • ' -3- - .._.. n.~..~. ~Otl3X' _+.. The value of the property and improvements thereon, for • ad valorem tax purposes, within the District, shall be determined by applying the percentage of the fair=market value used by the City in arriving at its tax values for the then current year to one hun- dred per cent. (100%) of fair-market value each year during the term hereof. This basis of valuation (the City's ratio of the fair- market value) shall be determined for the property of Humble within the District, and the value so determined shall be multiplied by twenty-five per cent. (25%) of the tax rate of City for the year in question, the result being the amount which shall be paid hereunder for such year. III Fair-market value of the property of Humble to which • the percenitages specified in Paragraph II above shall be applied, shall be fixed and determined in the same manner and under the same procedures and standards as the fair-market value is fixed for property within the corporate limits of City for ad valorem tax purposes. That is, Humble sha 11 be entitled to render to City a valuation of its property for purposes of this agreement, and City shall be entitled to assess a valuation of such property for purposes of this agreement, as each might do if such property were within the corporate limits of City. Humble sh~l.l have the same right to protest the valuation so fixed by City against this property and to take all legal steps desired by Humble to contest such valuation in order to reduce such valuation in the same manner, and under the same procedure, as if its property were located with- in the corporate limits of City. IV • Even though Humble protests the valuation set by City on its said property on which industrial improvements are erected, Humble will pay City on or before the time therefor, as hereinabove 26e ~ .{:.. ~~ .,~ .•~