R-1966-51 - Laserfiche WebLink

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~ ". ... . e . I the right to take aU legal steps desired by it to reduce the same, but at such time as the protested Harris County tax valuation on said property of Phillips has been finally determined, either as the result of final judgment ot a court of competent jurisdiction or as the result of other. .final conclusion of the con- troversy I then within thirty (30) days thereafter Phillips shall make payment to City of any additional tax due hereunder based on such final valuation. Even though Phillips does protest the valuation set on its said properties by Harris County, Company will pay to City on or before the time therefor hereinabove pro- vided the total amount ot the pa;yment in lieu ot taxes which would be due by . Phillips to City in accordance with the foregoing provisions of this paragraph (2) on the basis of renditions filed by Phillips with the Tax Assessor of Harris County for that year. Should the City Commission, by resolution duly adopted by a majority of its members within thirty (30) days after the ad valorem tax assessment on Phillips' said property within the District is fixed by Harris County for any year during the term hereof, determine that such assessment is more than twenty per cent (20%) less than the assessment for that year by Harris County ot com- parable properties within the District, the City may question Phillips' said assessment for the purpose of this agreement by so notifying Phillips in writing. Such written notice shall be given Phillips within six (6) days after the adoption ot such resolution by registered United States mail addressed to Phillips at: . Phillips Petroleum Company Attention: Tax, Insurance & Claims Department P. O. Box 1967 Houston, Texas 77001 and the same shall be accompanied by a true copy ot such resolution. If Phillips and City then do not agree on an assessment, City may within three (3) months after the delivery of such notice petition the District Court of Harris County for a declaratory judgment to be tried as other civil causes in which City must establish by a preponderance ot the evidence that the assessment of Phillips' said property for that year is in fact more than twenty per cent (20%) less than the asseSSMent by Harris County for that same year of comparable properties. If final judgment is entered in any such suit declaring Phillips' said assessment to be more than twenty per cent (20%) less than said assessment by Harris County ot . comparable properties and detenuining in dollars the prop.r a....sm.nt that should have been placed on Phillips' said property by Harris County for the year in - 3 -