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<br />Contractor and authorized the Chairman to execute same, as <br />recommended in the memorandum of June 15, 2006. <br /> <br />WORK AUTHORIZATION IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD <br /> <br />12. COUNTY ATTORNEY <br />12.A. REQUEST FROM ADRIAN REAL ESTATE INVESTMENTS <br />II, LLC FOR MODIFICATION TO NOTE AND MORTGAGE FOR <br />INFRASTRUCTURE FOR THE INDIAN RIVER PARK OF COMMERCE <br /> <br />This item was pulled at the request of the County Attorney’s office. <br />12.B. 3% CAP ON ALL REAL PROPERTY <br />ASSESSMENTS—NOVEMBER, 2006 REFERENDUM QUESTION <br />Administrator Joseph A. Baird recalled Commissioner Lowther’s request for staff to draft ballot <br />language that could go on the November 11 General Election to cap tax increases on non-homestead <br />property. <br />Commissioner Wheeler thought the language should be clearer and should state “non-homestead <br />property”. <br />Director of Management and Budget Jason Brown presented information on the 3% Property <br />Value Cap. He used some hypothetical averages to illustrate his point. Homesteaded property owners <br />pay 36% of the total tax that the County levies. The non-homesteaded owners, including commercial <br />property, seasonal residents and vacant lots, pay 64%. If this cap had been enacted in 2002, the <br />homesteaded owners would have paid 42% of the tax bill and the non-homesteaded would have paid <br />58%. <br />July 18, 2006 <br />28 <br /> <br />