R-1966-50 - Laserfiche WebLink

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. . . . e e subdivision of land, (b) prescribing any building, elec- trical, plumbing or inspection code or codes, or (c) at- tempting to exercise in any manner whatever control over the conduct of Company's business thereon. (2) Company agrees that, as a paYment in lieu of taxes on the property of Company within the District, it will pay to City on or before December 31 in each year during the term hereof an amount reached by first ascertaining the fair market value of such property of Company within the District, by using as the basis therefor the fair market value estab- lished by Harris County in fixing its ad valorem tax assessment for that year on the property of Company which lies within the District, then applying to the fair market value so ob- tained the percentage ratio applied to the fair market value of property which is then used by City in fixing ad valorem tax assessments on property within the City, and then applying to the figure thus obtained eighteen percent (18%) of the tax rate of City for that year. For the purpose of computing "fair market value" hereunder, and for such purpose only, it is agreed that presently the ratio of ad valorem tax assessment used by Harris County is twenty percent (20%) of the fair market value of property and that presently the ratio of ad valorem tax assessment used by City is forty-two percent (42%) of the fair market value of property. Any change in such ratios used by Harris County and/or the City on or after January 1, 1966, shall be reflected in all future computations hereunder. In the event Company elects to protest the valuation set on its said properties by Harris County for any year or years during the term hereof, then nothing in this agreement -3-